Decisions to postpone retirement due to COVID-19 vary by U.S. city

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Three in 10 respondents planning to retire said they were thinking about pushing back their retirement, a recent survey found, showing how the coronavirus pandemic has spurred considerations among working adults to consider retiring later, as the crisis has contributed to a loss of investment value and a reduction in savings. But considerations about retiring later due to COVID-19 varied regionally, according to the report from Edward Jones and Age Wave. More than 30% of respondents in Los Angeles, Dallas and Raleigh said they were considering postponing their retirement start date. That’s compared to less than 25% in cities including Portland, Kansas City and Cleveland.

The report said working adults in Kansas City and Atlanta “who plan to retire are the most confident in how much they are saving for retirement (55% for both vs. 65% nationally). By comparison, the report said, “adults in Dallas who are retired or plan to retire are more likely to harbor a variety of financial worries about retirement, including healthcare costs (60% vs. 53% nationally), outliving their savings (47% vs. 39%), inflation (33% vs. 26%), and tax increases (31% vs. 24%).”