The coronavirus has impacted all areas of life, from our health to our day-to-day lives and finances. Now, we’re learning that the pandemic also is changing the Social Security plans of millions.
In fact, 28% of Americans say the pandemic has affected their plans for claiming Social Security, according to a survey by the Nationwide Retirement Institute.
Exactly how the coronavirus has impacted those plans differs. While 14% of people either are filing or plan to file for benefits early, another 14% are taking the opposite approach — either delaying or planning to delay claiming.
The Harris Poll conducted the survey on behalf of the Nationwide Retirement Institute. It was conducted online in mid-May and included more than 2,000 adults.
Other key findings of the survey include:
- 63% of respondents now think it’s more important to optimize their Social Security benefit.
- 61% are now more worried about the Social Security program running out of money.
How to secure your retirement
The pandemic has stoked a lot of fear among those planning for retirement. The Nationwide poll found that 41% of Americans are re-evaluating their retirement plans to assess the financial impact of the pandemic.
In addition, a recent Charles Schwab survey found that 63% of Americans say they are only somewhat likely (49%) or not likely (14%) to achieve their retirement savings goals.
One great way to improve your odds of building a solid nest egg is by educating yourself about your options. And enrolling in Money Talks News’ retirement course — The Only Retirement Guide You’ll Ever Need — is one way to do just that.
This 14-week boot camp is intended for those who are 45 or older. It maps everything you need to know about retiring, including Social Security “secrets” and how to invest in a manner that will make your golden years gleam.
Finally, check out the Social Security stories on our website, including: