Pandemic Raises Boomer Doubts About Retirement

The Covid-19 pandemic has increased worries among working, middle-income baby boomers about whether they’ll ever be able to retire.

That finding is according to a new survey by CNO Financial Group’s Center for a Secure Retirement.

About 2,200 of those surveyed were still working, and about 52% of them now believe they may never be able to fully retire because of the pandemic.

Meanwhile, 34% said they lost their job during pandemic. Other reports have found the pandemic dramatically increased retirements among older workers.

The center in April questioned 2,567 boomers. They were between age 57 and 75 with incomes between $30,000 and $100,000 and less than $1 million in investable assets.

According to the survey, about 41% of the total are supporting other family members, and four out of five of them have delayed retirement plans.

More than twice as many women (55%) as men (23%) said that having enough money to last throughout their retirement was a big concern.

CNO provides life and health insurance, annuities, financial services and workforce benefits through its subsidiaries.