Retirement Confidence Index
With a politically polarized nation and COVID-19 cases surging around the country, uncertainty has become the new normal in America. While jobless claims have recently dipped slightly, the unemployment rate and 11 million jobless workers reported in October are both approximately twice pre-COVID levels. A majority of citizens remain paycheck to paycheck, unable to last even three months off of their savings. And of course, the gap in saving is even more dramatic when it comes to retirement. Particularly for older Americans, the pandemic has upended retirement plans and longtime savings.
The bi-monthly SimplyWise Retirement Confidence Index has tracked sentiment regarding retirement and savings over the course of the pandemic. Now in its fourth iteration, the survey continues to find that a majority of Americans (59%) are more concerned about retirement today compared to a year ago. The latest Index polled 1,090 Americans ages 18+ between November 8-10, 2020. The survey explored how citizens are approaching savings, Social Security, and retirement, especially given the recent election and worsening situation around COVID-19.