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Report: COVID-19 Has Made Consumers Reassess Retirement Plans

According to a recent report, more consumers are feeling less confident about the economic impact of COVID-19 and taking the time to review their retirement plans in 2021. Consumers planning for retirement and retirees are worried that the coronavirus impact of 2020 will continue throughout the new year.

This report also states how almost 75% of working consumers feel COVID-19 continues to impact their retirement goals while retirees also are worried about their hard-earned savings in retirement. The big question involves whether people feel they will have enough money in their retirement accounts to live comfortably – 57% are confident but 44% of active working consumers are not so confident.

So what are some ways you can make a change and stick to your retirement plan? Some of the report’s solutions included spending less, saving more, paying down debt, and reviewing finances more often. Surprisingly, workers also favored saving additional money in bank savings accounts, retirement plans from their employer, checking accounts, and IRAs.

One option not listed in the report was annuities surprisingly as annuities provide guaranteed lifetime income throughout retirement and can supplement other vehicles selected for your retirement strategy. Annuities also cannot lose initial premium so that money is safe from economic downturns.

While everyone seems focused on health and financial security in 2021, consumers also responded that they need more guidance from financial professionals to assist in preparing a retirement strategy. Many survey responses discussed a need help preparing for retirement, assess how close retirement really is, develop a plan, and learn more about products with guaranteed income.

Annuity Alliance can help consumers get connected with a financial professional to discuss potential options for their retirement strategy including annuities. Simply contact us if you would like to set an appointment with a financial professional.