The survey found differences by generation, with 13 percent of Baby Boomers expecting to delay. Image: Viacheslav Lopatin/Shutterstock.com
By: FEDweek StaffWhile 60 percent workers have not changed their retirement expectations due to the pandemic, of those who have more expect to delay it rather than accelerate it, says a study by the TransAmerica Center for Retirement Research.
“Many workers across generations are at risk of not achieving a financially secure retirement. Given the disruption of the pandemic on workers’ employment, finances, health, and the increased strain on social safety nets, the retirement risks faced by workers are greater than ever before,” it says.
Of the 32 percent whose expectations have changed—the other 8 percent weren’t sure—expectations of delaying outstripped expectations of accelerating by 22 to 10 percentage points. The survey also found differences by generation, with 13 percent of Baby Boomers expecting to delay compared with 18 percent of Generation X, 28 percent of Millennials and 27 percent of Generation Z.
The report defines the four groups as, respectively, born 1946 to 1964; 1965 to 1980; 1981 to 1996; and 1997 and after.
Extending a working career “can help bridge savings shortfalls. However, it is important for them to have backup plans because life’s unforeseen circumstances could derail their best intentions . . . As workers plan to extend their working lives, it is important they become more proactive about taking steps that can help protect their employability, such as protecting their health, keeping their job skills up to date, staying abreast of the employment market, and networking and meeting new people.”
It adds: “As employers envision return-to-the-office plans amid what experts have dubbed the Great Resignation, workers can expect additional adjustments to their work arrangements either at their current or future employers. While their employers’ plans may be largely out of their control, workers can pay close attention to employer announcements, policies, and offerings to assess their options and plan accordingly,” it said.
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