Staying optimistic: Despite COVID, older Americans' retirement expectations right on target

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There were plenty of reasons for people to become discouraged during COVID-19, but a new study by the Employee Benefits Research Institute found that older Americans remained optimistic about retirement despite the pandemic’s disruptions to work and finances.

The report is based on the 2020 Health and Retirement Study conducted by the Institute for Social Research at the University of Michigan. The survey of 37,000 people aged 50 and older found that 60% of respondents said their work was impacted by the pandemic. That includes 55% who had to stop working entirely, 15% who lost their job permanently, and 20% whose work became more risky due to the pandemic. Further, about 20% of workers indicated they had to change their hours or days of work and 12% said they switched to remote work.