How Do Retirees Feel About Their Finances During the Pandemic?
October 5, 2020
With the wild ride that 2020 has been, many people are feeling more financially insecure. One piece of good news is that one of the more vulnerable groups is feeling relatively secure. A new survey found that 75% of retirees say that their confidence in their ability to maintain a comfortable lifestyle has not been impacted by the pandemic. More than half, 56%, said that if COVID does impact their current finances, they would rely on their savings to get by.
The survey comes from the Transamerica Center for Retirement Studies, and was based on responses from 500 individuals who are over the age of 50 and are already retired.
While the crisis has not changed their confidence, it has shifted their priorities. Forty-five percent say that paying off existing debt is their most pressing priority. One-third say they are focused on building up their emergency savings, and 23% say they are focused on “just getting by.”