More than a year after the start of the COVID-19 pandemic, workers are focusing on the future—including sizing up how their prospects for retirement have changed.

For many, the pandemic hasn’t harmed their finances and may have increased their ability to save, given fewer spending opportunities. Meanwhile, others found it necessary to withdraw funds from their retirement account so they could pay their bills.

A Roller Coaster Year

According to Fidelity Investments’ 2021 State of Retirement Planning Study:

82 percent of workers in the U.S. believe the events of the past year have affected their retirement plans.
33 percent estimate it will take two to three years to get back on track, due to such factors as job loss, reduced working hours or retirement plan withdrawals.
Most, however, are still confident they’ll be able to retire when and how they want.

The survey was conducted Feb. 5-12, with responses from 1,204 employed adults with at least one investment account.

“This past year has been a roller coaster, but for those Americans with a retirement plan, it should come as a relief to know the fundamentals remain sound,” said Melissa Ridolfi, senior vice president of retirement and cash management at Fidelity Investments. “Although the survey indicates 36 percent of Americans are more concerned now than at the start of the pandemic on their ability to maintain a nest egg in retirement, we saw retirement savings accounts reach record levels in the fourth quarter of 2020.”

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