NAPA Net - Polling Places 100722

Has COVID Created a Retirement Confidence Conundrum?

Recent research suggests that, with all its pain and disruptions, COVID-19 didn’t do much to upend people’s retirement plans or confidence. Is that what you’re hearing?

In investigating the influence of the pandemic on participants’ working and financial situations, the new brief by the Employee Benefit Research Institute (EBRI) finds that COVID-19 did affect the work lives of those age 50 and older.

According to the findings, which are based on the 2020 Health and Retirement Study (HRS), approximately 60% of respondents reported that their work was affected by the pandemic, 55% of them said they had to stop work entirely, 15% of them lost their job permanently and about 20% of them indicated that their work became harder or more risky or dangerous. Regarding financial situations, around one-fifth of the study participants said their income decreased.

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* 1. Generally speaking, post-COVID (at least the big lockdowns, etc.) have the participants you work with changed their plans about retirement timing?

No.

Some yes, mostly no.

Some no, mostly yes.

They don't seem to have given it much thought.

Yes, but not of their choosing.

Care to expand on that?

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* 2. Has the impact of COVID (health, employment, markets, inflation) led to a shift in how you talk about retirement with plan sponsors and participants?

Absolutely.

It's really given a new emphasis to financial wellness.

Depends on who I'm talking to, but for those most impacted, definitely.

Not really.

A bit, but not much.

No - but inflation, now that's a whole other thing...

Care to expand on that?

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* 3. Has the impact of COVID produced a shift in YOUR plans about your retirement timing?

Yes - pushing it forward some.

Yes - pushing it back some.

Still figuring that out.

No.

Care to expand on that?

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* 4. Other comments about COVID, the impacts of COVID on retirement, retirement security, retirement planning, retirement presentations - or the lack thereof? Or life in general?

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* 5. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Wholesaler

Consultant

Other (please specify)

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* 6. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

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* 7. Suggestions for future survey questions? Seriously - what would you like to know about/from your fellow NAPA-Net readers? Or what would you like to be asked?

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* 8. All responses are confidential, of course - but just in case you would like a response - or want me to know you responded - or just want to say hi - here's your chance to do so (don't forget your email)!