The pandemic has left some near-retirees on shaky ground, forcing them to rethink their retirement, according to the Alliance for Lifetime Income, a nonprofit educational organization based in Washington, D.C., that promotes annuity sales

Retirees and near-retirees are facing a crisis of confidence in their ability to fund their retirements, according to a survey by the organization that was released Wednesday.

Seventy percent of those surveyed said the pandemic has made them more pessimistic about their retirement plans and 56% of those not yet retired are rethinking their retirement plans, including how much money they will need or when they plan to retire, said the survey, which included 1,260 people ages 56 to 75 who were employed or retired and had at least $100,000 in assets.

Twenty percent of the pre-retirees said they will retire later than they had previously planned, the survey said.

“The pandemic and resulting economic uncertainty and market volatility are leading the vast majority of the country’s pre-retirees to reconsider their retirement plans,” Jean Statler, CEO of the Alliance, said in a statement. “Americans are more concerned than ever about having enough income to cover expenses in retirement and maintain their quality of life.”

The study also found that only one-third of respondents said they were very confident they will have the income to cover all their expenses in retirement, which is “an illustration of the depth of the retirement income crisis facing the U.S.," the Alliance said. "While most respondents retain some confidence about their financial preparation for retirement, the pandemic and resulting economic crisis has begun to erode their once optimistic outlook.”

The survey is the latest in a series of three the Alliance has done so far that reveal a retirement reset is underway in the U.S. “The country [has] experienced the onset of the pandemic and re-opening challenges due to a resurgence of Covid-19 cases, while the unemployment rate rose significantly and stock markets continued to exhibit significant volatility,” the Alliance said.

Among those who are concerned about the current economy and investing environment, 60% are worried about future unpredictability, as the crisis is taking a widespread emotional toll. At the same time, 52% of those who are employed expressed some uncertainty about their employment situation for the next year, the survey said.