The ongoing struggle with the coronavirus pandemic and related recession has already had a tremendous impact on Americans’ mental health and finances — but many foresee longer-lasting effects.
“Nearly 68 million Americans say that COVID-19 has caused them to reconsider their retirement timing,” says a recent study from financial services firm Edward Jones. “Three in 10 of those planning to retire are thinking about retiring later. On average, they anticipate retiring 3.3 years later.”
There are compelling reasons to postpone retirement regardless of a pandemic, but the study found that the financial reasons are most common right now. Following is a closer look at the reasons highlighted in the study.