How Americans Are Changing Their Social Security Plans Due to the Pandemic

Worried man in retirement
Photo by Burlingham / Shutterstock.com

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.

You’ll also find help in our Solutions Center. There, you can find a financial adviser or get expert help that will allow you to choose the best Social Security strategy for your needs.

Finally, check out the Social Security stories on our website, including:

Disclosure: The information you read here is always objective. However, we sometimes receive compensation when you click links within our stories.

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