Pandemic forces boomers to financially help their households, which has a big impact on their very own retirement plans
CHICAGO, July 22, 2021 / PRNewswire / – Despite financial pressures that have worried middle-income boomers about when and if they can retire, many have opened their homes and wallets to family members. According to the latest research by the Center for a Secure Retirement® and the CNO Financial Group, the pandemic has enabled four in ten (41%) of respondents to be able to support other family members financially, which affects their own retirement savings.
Of these middle-income boomers who funded their families during COVID-19, almost all (98%) said the pandemic had some impact on their retirement plans. These impacts included: three-quarters (75%) say they can’t save as much for retirement, two-thirds (65%) say their relocation plans are delayed, and half (51%) rated finances and retirement expenses new.
The retirement priorities of middle-income boomers have also shifted as a result of the pandemic. Spending time with family and grandchildren is now replacing focusing on financial stability as a top priority for respondents in retirement.
Middle-income boomers report that their top five non-negotiable retirement factors now are: spending time with family and grandchildren (43%), maintaining financial stability and independence (35%), living an active lifestyle (34%), being able to travel (Aug. 30) %) and live close to family and friends (25%).
Prior to the pandemic, more than half (56%) of respondents said their most important non-negotiable retirement age was maintaining financial stability and independence. This has now fallen to a third (35%).
“It is clear that for many middle-income boomers, retirement priorities have shifted due to the pandemic,” said Scott Goldberg, President of the Consumer Division of CNO Financial Group. “COVID has forced us to evaluate what is important, such as focusing on family time. Boomers can access tools and resources, such as our new Center for Secure Retirement website, to help them plan for that can help retire that fits their priorities. “
Effects by gender and age
More than twice as many women (55%) as men (23%) said that having enough money for retirement is a big problem.
Even so, more than twice as many women (61%) as men (26%) say that COVID saved them more for retirement than they expected. A similar trend was seen among younger and older boomers. Younger boomers aged 57 to 70 were almost twice as likely to save money (48%) than expected compared to older boomers aged 71 to 75 (27%).
Amid these changes in retirement expectations, middle-income Americans need real world insights and lifestyle, financial, and health guidance as they prepare for retirement. You can visit the newly expanded Center for a Safe Retirement, a new central educational facility for articles, research, and advice on answering common retirement questions. There they can subscribe to the free newsletter and learn more about planning for a safe and fulfilling retirement.
This survey was carried out by OnePoll for the Center for a Secure Retirement in. carried out April 2021 with a sample of 2,567 middle-income boomers with $ 30,000 to $ 100,000 Annual household income and with less than $ 1 million in investable assets.
About the Center for a Safe Retirement
The Center for a Secure Retirement is the dedicated consumer education and research program of the CNO Financial Group. With original content, research studies, and consumer awareness campaigns, the Center for a Secure Retirement is a comprehensive resource for anyone seeking advice on planning a safe and fulfilling retirement.
About the CNO Financial Group
CNO Financial Group, Inc. (NYSE: CNO) secures the future of America’s middle income. CNO provides life and health insurance, annuity, financial services and employee benefits solutions through our family of brands including Bankers Life, Colonial Penn and Washington National. Our customers work hard to save for the future, and we carry 3.2 million policies and $ 35 billion in the balance sheet total. Our 3,400 employees, 5,000 exclusive agents and 4,000 independent partner agents support individuals, families and companies through lifelong financial decisions. Please visit CNOinc.com for more information.
SOURCE CNO Financial Group, Inc.