By City News Service
Dec 18, 2020
LOS ANGELES (CNS) - One in five U.S. workers indicate their confidence in their ability to retire comfortably has declined in light of the coronavirus pandemic and just 27% are confident they can look forward to a lifestyle free of financial worry, according to findings released today by the Los Angeles-based Transamerica Center for Retirement Studies.
The October study, Retirement Security: A Compendium of Findings About U.S. Workers, gauges the impact of the pandemic on workers employment and finances. It finds that 52% of workers have experienced one or more negative impacts to their employment including job loss, furloughs, reduced hours, reduced pay and/or retiring early.
(PRNewsfoto/Transamerica Center for Retirement Studies) Before the pandemic, the retirement prospects for many workers was iffy at best. The pandemic has exacerbated that situation. Millions of workers have experienced negative impacts to their employment, ranging from pay cuts and furloughs to job loss. Some workers have even dipped into their retirement accounts to make ends meet, said Catherine Collinson, CEO and president of Transamerica Institute and TCRS. It will take years for many workers to financially recover – and some may never recover. Help from policymakers is needed to strengthen the U.S. retirement system.
Retirement Security Priorities for the New President and Congress
By City News Service
Dec 18, 2020
LOS ANGELES (CNS) - One in five U.S. workers indicate their confidence in their ability to retire comfortably has declined in light of the coronavirus pandemic and just 27% are confident they can look forward to a lifestyle free of financial worry, according to findings released today by the Los Angeles-based Transamerica Center for Retirement Studies.
The October study, Retirement Security: A Compendium of Findings About U.S. Workers, gauges the impact of the pandemic on workers employment and finances. It finds that 52% of workers have experienced one or more negative impacts to their employment including job loss, furloughs, reduced hours, reduced pay and/or retiring early.