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.