Center for a Secure Retirement Study: Pandemic Forces Boomers to Financially Support Family, Greatly Impacting Their Own Retirement Plans

News provided by

Jul 22, 2021, 09:00 ET

CHICAGO, July 22, 2021 /PRNewswire/ -- Despite financial strains that have left middle-income Boomers concerned about when and whether they'll be able to retire, many have opened their homes and wallets to family members. According to the latest research from the Center for a Secure Retirement® and CNO Financial Group, the pandemic put four in ten (41%) of those surveyed into the position of financially supporting other family members, impacting their own retirement plans.

Of those middle-income Boomers financially supporting their family during COVID-19, nearly all (98%) said that the pandemic had some impact on their plans for retirement. Those impacts included: three-quarters (75%) report not being able to save as much for retirement, two-thirds (65%) report delaying moving plans, and a half (51%) reevaluated finances and expenses for retirement.

Retirement priorities of middle-income Boomers have also shifted as a result of the pandemic. Spending time with family and grandchildren now replaces focusing on financial stability as the top retirement priority of those surveyed.

Middle-income Boomers report that their top five retirement non-negotiables now are: spending time with family and grandchildren (43%), maintaining financial stability and independence (35%), maintaining an active lifestyle (34%), being able to travel (30%), and living close to family and friends (25%).

Prior to the pandemic, more than half (56%) of those surveyed said their top non-negotiable for retirement was maintaining financial stability and independence. This has now dropped to one-third (35%).

"It's clear that for many middle-income Boomers, retirement priorities have shifted as a result of the pandemic," said Scott Goldberg, president, consumer division at CNO Financial Group. "COVID has forced us to evaluate what's important, like focusing on time spent with family. Boomers can access tools and resources, such as our new Center for Secure Retirement website, that can help them navigate planning for retirement that is in line with their priorities."

Impacts by Gender and Age

More than twice as many women (55%) as men (23%) said that having enough money to last throughout their retirement is a big concern.

Even so, more than twice as many women (61%) as men (26%) say they've been able to save more for retirement than they expected amid COVID. A similar trend was seen with younger and older Boomers. Younger Boomers ages 57 to 70, were nearly twice as likely to save more money (48%) than expected compared to older Boomers ages 71 to 75 (27%).

Amid these changes in retirement expectations, middle-income Americans need real-world insights and guidance on lifestyle, finances, and health as they prepare for retirement. They can visit the newly expanded Center for a Secure Retirement, a new educational one-stop shop for articles, research, and advice for answering common retirement questions. Once there, they can subscribe to receive its free newsletter and learn more about planning for a secure and fulfilling retirement.

Methodology

This survey was conducted by OnePoll for the Center for a Secure Retirement in April 2021 with a sample of 2,567 middle-income Boomers with $30,000 to $100,000 annual household income and with less than $1 million in investable assets.

About the Center for a Secure Retirement

The Center for a Secure Retirement is the dedicated consumer education and research program from CNO Financial Group. Through original content, research studies and consumer awareness campaigns, the Center for a Secure Retirement is a comprehensive information resource for anyone seeking guidance about planning for a secure and fulfilling retirement.

About CNO Financial Group

CNO Financial Group, Inc. (NYSE: CNO) secures the future of middle-income America. CNO provides life and health insurance, annuities, financial services, and workforce benefits solutions through our family of brands, including Bankers Life, Colonial Penn and Washington National. Our customers work hard to save for the future, and we help protect their health, income and retirement needs with 3.2 million policies and $35 billion in total assets. Our 3,400 associates, 5,000 exclusive agents and 4,000 independent partner agents guide individuals, families and businesses through a lifetime of financial decisions. For more information, visit CNOinc.com.

SOURCE CNO Financial Group, Inc.