2021 Risks and Process of Retirement Survey

Link: https://www.soa.org/resources/research-reports/2021/retirement-risk-survey/

Full report: https://www.soa.org/48fd8a/globalassets/assets/files/resources/research-report/2021/risks-retirement-findings.pdf

Graphic:

Excerpt:

CHAPTER HIGHLIGHTS:
• Despite the COVID-19 pandemic, level of concern about various risks remains historically low this year for both pre-retirees and retirees. Compared to 2019, level of concern dropped on some issues for retirees. As a result of this drop, retiree concerns are lower than those of pre-retirees by a larger gap than ever before.
• The one exception to this trend was concern about fraud. In 2021, both retirees and pre-retirees were
more concerned about fraud, and it is the highest concern among retirees, particularly Black/African
American retirees. As in prior studies, those with lower income tend to show much higher levels of
concern.
• The biggest concerns for pre-retirees are their savings and investments not keeping up with inflation, not being able to afford long-term care, not being able to afford health care costs, not being able to maintain a reasonable standard of living throughout retirement, and potentially depleting all their savings.
• While half of pre-retirees plan to retire gradually rather than all at once, retiree respondents indicate this
seldom actually happens. Higher-income pre-retirees are more likely to plan to go straight from full time
employment to retirement.
• The COVID-19 pandemic has not affected plans that pre-retirees have for work, living arrangements, and
lifestyle in retirement, although over a quarter report changing their lifestyle.
• Despite the financial challenges that retirement poses, most do not have financial advisors, especially preretirees, lower-income respondents, and Black/African American respondents.

Author(s): Greenwald Research

Publication Date: February 2022

Publication Site: Society of Actuaries

Saving Social Security Is a Bipartisan Issue: Survey

Link: https://www.thinkadvisor.com/2021/02/22/saving-social-security-is-a-bipartisan-issue-survey/

Excerpt:

Most Americans of both political parties agree there Is a retirement crisis ahead.

A majority of those surveyed say COVID-19 has delayed their retirement plans.

Many stated that pension plans are better than 401(k) plans.

Author(s):  Ginger Szala

Publication Date: 22 February 2021

Publication Site: Think Advisor