A Kiplinger – Empower Poll: The Pandemic Is Reshaping Retirement
Inflation tops health care costs as the biggest concern, and many preretirees are boosting their saving rate.

The pandemic has altered retirement plans for some Americans, and inflation has emerged as a top concern, according to a new national poll of retirees and near-retirees by Kiplinger and wealth management firm Empower.
One-third of respondents in the poll say the pandemic has convinced them that they will need a bigger nest egg for retirement. And 36% believe it has lowered their current (or anticipated) standard of living. Nevertheless, most respondents say they are still confident that they will have enough income to live comfortably throughout retirement.
Among those who are planning to retire within the next five years, more than four out of 10 have already started saving more. Nearly one-fourth have delayed their retirement date, and a similar percentage say they now plan to work part-time in retirement.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Investors have largely stayed the course since early 2020, despite a volatile stock market. Most respondents (63%) say their investment outlook has not changed since early 2020, even after a sudden but short-lived bear market that was followed by stocks scaling to new heights. But more than one-fifth say they have become more risk averse after seeing how quickly the market can change. Only 13% report feeling more bullish about stocks.
Higher-income investors ($200,000+) were almost three times more likely than less-affluent investors to say they became increasingly bullish in 2020 and added stocks to their portfolio. They were also more likely to report a “significant” increase in the value of their portfolio during the pandemic compared with investors who have lower income. The asset allocation of investors remains conservative across genders and ages and regardless of whether investors are retired or not. On average, portfolios were made up of 35% stocks, 26% cash, 15% bonds, 9% real estate and 15% other. (Figures are medians unless otherwise indicated.)
Has the pandemic changed your current or anticipated standard of living in retirement?
- No, my (our) anticipated standard of living remains the same: 58%
- Yes, but only lowered it slightly: 27%
- Yes, significantly for the worse: 9%
- Yes, my (our) standard of living will likely be better than anticipated: 6%
Has financial turmoil during the pandemic changed how much money you think you’ll need to retire comfortably?#
- It hasn’t changed; I’m on target with saving: 59%
- Yes, I think I’ll need a larger nest egg: 33%
- Yes, I anticipate needing less: 9%
What actions do you plan to take in the next few years to achieve a bigger nest egg?*†
- Cut spending: 62%
- Boost savings: 41%
- Take a part-time job to boost income: 32%
- Boost investments: 25%
- Delay retirement, work longer: 21%
- Adopt a more conservative withdrawal rate from savings: 14%
Methodology
The poll, conducted by Qualtrics in late June, surveyed a national sampling of 772 people age 40 and older (median age 67) who are fully or partially retired or who are planning to retire within the next five years. They had a net worth of at least $100,000, and the median household net worth (excluding primary residence) was $422,066. The respondents were equally divided between men and women.
#Percentages do not add up to 100% due to rounding.
*Among respondents who say they’ll need a larger nest egg.
†Respondents were asked to select all answers that apply.
-
Verizon's Latest Streaming Perk Bundles Netflix and Max for $10
Verizon's myPlan customers will be able to take advantage of the Netflix-Max streaming bundle soon.
By Joey Solitro Published
-
Stock Market Today: Stocks Slip to Start Jobs Week
Coming off a fifth straight weekly win, the main indexes took a breather ahead of a busy week of jobs data.
By Karee Venema Published
-
Is a Medicare Advantage Plan Right for You?
Medicare Advantage plans can provide additional benefits beneficiaries can't get through original Medicare for no or a low monthly premium. But there are downsides to this insurance too.
By Jackie Stewart Published
-
What You Must Know About the Different Parts of Medicare
Medicare Medicare can be complicated but we've got you covered. Here is a quick guide to the different benefits provided through each part.
By Jackie Stewart Last updated
-
Does It Make Sense to Rent in Retirement?
Making Your Money Last Renting isn't right for all retirees, but it does offer flexibility and it frees up cash.
By Sandra Block Published
-
10 Things You Need to Know About Retiring to Florida
Making Your Money Last If Florida is part of your retirement plan, we offer up a few tips to help you find your way.
By Bob Niedt Last updated
-
Retirees, It's Not Too Late to Buy Life Insurance
life insurance Improvements in underwriting have made it easier to qualify for life insurance, which can be a useful estate-planning tool.
By David Rodeck Published
-
Best Banks for Retirees
banking Kiplinger's 2023 list of the best banks for retirees.
By Lisa Gerstner Published
-
New RMD Rules: Starting Age, Penalties, Roth 401(k)s, and More
Making Your Money Last The SECURE 2.0 Act makes major changes to the required minimum distribution rules.
By Rocky Mengle Published
-
As the Market Falls, New Retirees Need a Plan
retirement If you’re in the early stages of your retirement, you’re likely in a rough spot watching your portfolio shrink. We have some strategies to make the best of things.
By David Rodeck Published