1 in 4 Baby Boomers Say They'll Postpone Retirement Due to the Pandemic

A Harris Poll survey on behalf of the Nationwide Retirement Institute found that 24 percent of U.S. baby boomers say the pandemic has forced them to postpone their planned retirement, reports Money . The official national unemployment rate stands at 11.1 percent, up from 3.7 percent at this time last year, and real gross domestic product plummeted at an annual rate of 32.9 percent in the second quarter. Fifteen percent of pre-retirees plan to take Social Security later than expected due to the pandemic, while 8 percent plan to claim their benefits earlier. Yet many Americans lack a basic understanding of Social Security, according to another Harris Poll survey conducted just before the pandemic. For example, nearly 33 percent of boomers and older respondents incorrectly believe that benefits claimed early will automatically appreciate when they reach full retirement age. The conviction that Social Security will run out of money also may spur boomers and older consumers to claim benefits earlier than they would otherwise, but Social Security will not go bankrupt. Ongoing payroll tax revenue ensures that the program will remain solvent even if the pandemic does some damage.