How the Coronavirus Pandemic Is Shaking Retirement Confidence Across Generations

A Transamerica Center for Retirement Studies survey found that 23 percent of workers who are employed or recently unemployed are no longer certain they can retire comfortably following the coronavirus pandemic, reports CNBC News . That confidence varies generationally, with baby boomers likely to feel the least secure. Meanwhile, more employees are raiding their retirement savings to cover their financial needs now. Millennials have a median nest egg of $23,000 in all household retirement accounts, Gen Xers have a median of $64,000, and boomers have $144,000. Moreover, millennials had a median of $3,000 set aside for emergencies, compared to $5,000 among Gen Xers and $15,000 among boomers. About 22 percent of respondents said they have or plan to take a loan or withdrawal from a 401(k) or other workplace retirement savings plan, with millennials most likely to do this at 33 percent compared to Gen Xers (15 percent) and boomers (10 percent). Transamerica's recommendations include avoiding seeking loans or withdrawals from retirement accounts, and to keep saving toward retirement when possible.