Two in five Americans say the COVID-19 pandemic has impacted their retirement plans
According to a survey, 35% of retirees didn’t consider how taxes would affect their retirement income when planning for retirement. Therefore, a third of them express regrets wishing they had better prepared for paying taxes in retirement.
As to the major concerns in retirement among current and future retirees, 61% of them are worried about health care costs.
Meanwhile, 57% and 55% are worried about the impact of market volatility and inflation on retirement income, respectively. 48% are afraid of not having enough money to cover unplanned medical expenses.
The data has also found that 41% of American retirees are currently reevaluating their retirement plans to assess the financial impact of COVID-19.
We’ve reported that 7 out of 10 Canadian women over 45 are confident they will afford the lifestyle they want to live through retirement.