Retirement Security Amid COVID-19

A May 2020 report from the Transamerica Center for Retirement Research provides a detailed view of the attitudes and behaviors of Millennial, Generation X, and Baby Boomer workers as they strive to attain long-term financial security, both before and during the current coronavirus pandemic. The report is based on data from a survey of more than 5,000 workers in the U.S. conducted in late 2019, and supplemented by a survey of 2,000 in April 2020.

As of April 2020, almost one in four U.S. workers say their confidence in their ability to retire comfortably has declined in light of the coronavirus pandemic. The report found 58 percent of workers have experienced one or more impacts to their employment situation as a result of the pandemic, including reduced work hours (29 percent), reduced salaries (17 percent), layoffs (16 percent), furloughs (11 percent), and early retirement (5 percent).

Importantly, the report also highlights opportunities that can help mitigate the negative economic effects of the pandemic and improve retirement prospects.

 

Latest Developments

We keep our members and partners in touch with the most recent updates and opinions in the worldwide dialogue on population longevity and related issues.

Ignoring the ‘Silver Economy’ May Be Getting Costly for Brands

In an ad for Airbnb that premiered earlier this year, a couple checks into a cozy Spanish villa. To the tune of Jay-Z's cover of "Me and My Girlfriend," the ad shows the pair settling into their rental and setting their collective dial to chill. They play ping-pong, sip some wine, and get ready for a night on the town. They're also in their 80s, celebrating their 57th wedding anniversary. In no way does the ad characterize the couple as elderly or portray them as needing special aid or services — they are just active people who happen to be old. It's a rare example of ads featuring a realistic depiction of aging.

Health Equity Promise and That Innovation Thing

President Biden has pledged his administration to defeat cancer, Alzheimer’s, and other diseases that target America’s aging population. To achieve these lofty goals, bold words must be backed up by bold actions.

Roundtable Report Highlights Importance of Immunizing Canada’s Caregivers Against Influenza, Identifying Challenges and Opportunities to Protect This Critical Group

The Global Coalition on Aging (GCOA) today released a report summarizing key insights from an expert roundtable on vaccinating Canada’s caregivers against influenza. The roundtable, held virtually, brought together leading Canadian health policy experts, family caregivers, patient advocacy groups, aging experts, and other thought leaders to discuss challenges and strategies to reach this critically important yet hard-to-reach group.

Women, Work, Wellness, and That Aging Thing…

The OECD Forum’s virtual event Women at The Frontline of the Recovery will presciently focus attention among policymakers and the public stakeholders alike on the unique relationship between the age demographic mega-trend and the essential policies needed for OECD economies to emerge from the COVID-19 pandemic.

Headlines of the Future Podcast: Decoding Healthy Aging

How can advancements in science and medicine make it possible for individuals to enjoy greater health and activity in their later years? For health leaders and organizations such as the Global Coalition on Aging, ensuring individuals can truly shine in their "Golden Years" is a matter of revisiting education and communication strategies, advancing digital health technologies and expanding access to healthcare innovation.

Longer Lifespans Require Secure Financial Futures

As many as half of 5-year-olds in the United States can now expect to live to 100, a population that is projected to swell in the decades ahead. Longer lifespans don’t guarantee a financially secure later life, however. If anything, in the absence of significant planning, extreme longevity may make financial security harder to attain.