“This survey just reiterates the ever-increasing concern of retirees and the importance of having a retirement income plan in place before the crisis begins,” said Colin Slabach, assistant director of the Center for Retirement Income at The American College of Financial Services. “It’s something that consumers in all stages of retirement planning need to be aware of so that they can make adjustments to their investment strategies and even lifestyles in an attempt to recover from these losses."
The survey also found that younger savers are increasingly concerned about the pandemic’s impact on their retirement.