(Photo: Shutterstock)
Four in 10 middle-income baby boomers are financially supporting other family members, which affects their own retirement plans.
"It's clear that for many middle-income boomers, retirement priorities have shifted as a result of the pandemic," said Scott Goldberg, president of the consumer division of CNO Financial Group. "COVID has forced us to evaluate what's important, like focusing on time spent with family."
Recommended For You
Nearly all boomers who are supporting a family member said the pandemic has affected their retirement plans, according to a survey by CNO and the Center for a Secure Retirement. These impacts included:
- Not being able to save as much for retirement, 75 percent;
- Delaying moving plans, 65 percent; and
- Reevaluating finances and expenses for retirement, 51 percent.
Retirement priorities of middle-income boomers also have shifted as a result of the pandemic. Before COVID-19, more than half of those surveyed said their top non-negotiable for retirement was maintaining financial stability and independence.
Spending time with family and grandchildren now replaces focusing on financial stability as the top retirement priority of those surveyed. Their top five retirement non-negotiables now are:
- Spending time with family and grandchildren, 43 percent;
- Maintaining financial stability and independence, 35 percent;
- Maintaining an active lifestyle, 34 percent;
- Being able to travel, 30 percent; and
- Living close to family and friends, 25 percent.
More than twice as many women (55 percent) as men (23 percent) said having enough money to last throughout their retirement is a big concern. Even so, more than twice as many women (61 percent) as men (26 percent) said they have been able to save more for retirement than they expected during COVID.
A similar trend was seen with younger and older boomers. Younger boomers, ages 57 to 70, were nearly twice as likely to save more money (48 percent) than expected compared to older boomers, ages 71 to 75 (27 percent).
Amid these changes in retirement expectations, middle-income Americans need real-world insights and guidance on lifestyle, finances and health as they prepare for retirement, according to the Center for a Secure Retirement, which has recently updated its resources at its website.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Alan Goforth
Alan Goforth is a freelance writer in suburban Kansas City. In addition to freelancing for several publications, he has written a dozen books about sports and other topics.
