Confidence in Retirement Security Resilient in Face of Pandemic: EBRI

Despite a global pandemic that created uncertainty in the employment and financial markets, the 2021 Retirement Confidence Survey (RCS) found 8 in 10 retirees are confident in their ability to live comfortably throughout retirement, similar to the 76 percent of retirees who were confident when the survey was last fielded in March 2020.
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Despite a global pandemic that created uncertainty in the employment and financial markets, the 2021 Retirement Confidence Survey (RCS) found eight in 10 retirees are confident in their ability to live comfortably throughout retirement, similar to the 76 percent of retirees who were confident when the survey was last fielded in March 2020. Workers also remain optimistic, with 72 percent of workers expressing confidence in their ability to retire comfortably, up 3 percentage points from last year.

The 31st annual RCS is the longest-running survey of its kind, measuring worker and retiree confidence about retirement. Conducted by EBRI and Greenwald Research, the RCS was fielded in January. Last year, the RCS was fielded twice — once in January prior to the COVID-19 outbreak and then re-fielded through a supplemental survey of key questions from March 20–30, 2020, allowing for comparisons before and during the pandemic.

tktktk“Even with changes in the labor market, workers’ confidence in their ability to live comfortably in retirement remains high overall,” Craig Copeland, EBRI Senior Research Associate and co-author of the report, said in an interview.

tktktk “However, while resilience may be the watchword for 2021, three in 10 workers say the pandemic has negatively impacted their ability to save for retirement, due to reduced hours, income, or job changes. The group that was most likely to have their ability to save impacted was those who were more likely to have low confidence historically, such as those who are low income, not married, and having a problem with debt.”