Retirement is occurring at an unprecedented pace. Baby boomers have already been retiring in droves for the last several years, but compounding this demographic trend are the challenges created by the Covid-19 pandemic. For many individuals either at retirement or near-retirement age, unemployment has translated into permanent retirement. And, many of those working in essential industries such as teaching are voluntarily electing early retirement over exposure to the virus.
With retirement under more pressure than ever before, how prepared and knowledgeable are Americans today? Based on one of the most comprehensive surveys of retirement income literacy ever conducted, the answer is that while many are confident they know what they need to know, a sizable majority of retirees and pre-retirees still fail to understand the basics of retirement.