How the Coronavirus Pandemic Has Upended Retirement Plans

A recently published Voya Financial survey indicates that the coronavirus pandemic has disrupted retirement plans for most Americans, reports the Atlanta Journal-Constitution . According to the poll, 54 percent of working Americans currently have plans to work in retirement, with 40 percent doing so to have security against unexpected costs and market volatility. The pandemic's influence on retirement also extends from baby boomers to millennials. In fact, 59 percent of boomers plan to work in retirement due to the pandemic. "We're in a time period where the definition of retirement is evolving and will continue to evolve as a result of COVID-19," explained Voya Financial's Charlie Nelson. "However, retirement for many individuals means more than just financial needs and could include concerns of health, but sometimes it means a desire for a mental well-being." Despite rampant financial uncertainty, many respondents continue to prioritize retirement savings. Fifty-five percent prefer to have enough to last through retirement rather than paying off debts completely.