US. How COVID-19 Has Changed Retirement Planning
The global COVID-19 pandemic has touched virtually every aspect of our lives, not least of which is how we save for retirement. Forbes Advisor commissioned a YouGov survey of 9,675 U.S. adults to get a deeper read on how coronavirus has impacted retirement planning.
The answers were surprising. With a near total lockdown on business activity in the U.S., we wanted to understand how people have begun to reorient their financial priorities. As Warren Buffett explained in the Berkshire Hathaway shareholder meeting on May 2, “… in 2008 and ’09, our economic train went off the tracks.
This time, we just pulled the train off the tracks and put it on a siding.” We can see just one impact of this halt of business activity in the more than 33 million people who have filed for unemployment since the crisis began. We had expected to uncover material changes in people’s retirement strategies, but what we found was more muted. For example, only 5% of those surveyed had made any changes to their asset allocation in response to COVID-19. Still, there were some results that were more disconcerting, particularly among younger respondents those 18-24. Here’s what we learned.
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