Older Americans Are Not Delaying Their Retirement Despite COVID-19, Research Shows

A report from Pew Charitable Trusts finds COVID-19 has not delayed most older Americans' plans for retirement from the workforce, according to CNBC . Respondents included 1,125 near and recent retirees 55 to 75 years old, who have saved at least $30,000 toward retirement. Just 16 percent said they will retire later than expected due to the pandemic, while only 12 percent of workers 55 to 58 said they plan to delay retirement. That is compared to 17 percent for those ages 59 to 62, 28 percent for those 63 to 67, 34 percent for those 68 to 70, and 26 percent for those 71 to 75. A lack of savings was apparently not a factor in decisions to delay retirement: the segment who had saved $100,000 to $149,999 had the most people who said they plan to retire later, with just less than three in 10 respondents. One determinant is how much guidance workers get from their employer, as respondents who had less support were more likely to say they planned to push back retirement. Moreover, just 11 percent of respondents who are either working or retired had withdrawn extra money from their retirement accounts amid the pandemic; 64 percent of this cohort said it was spurred by an unexpected expense, while 14 percent said it was pandemic-related.