“Enormous Uncerntainty.” That is how SimplyWise stated the situation in their latest “retirement confidence survey.” Such is despite a surging stock market from the March lows, trillions in liquidity support from the Fed, and a rebound in economic activity.

So, what’s the problem? Here is SimplyWise:

The current public heath, economic, and political reality in the United States has created enormous uncertainty for many Americans. A majority of citizens lack the savings to last them even three months. That savings gap is even more drastic when it comes to retirement. Indeed, the pandemic has wrought havoc on the retirement plans of many, driving some into early retirement and forcing others to postpone long-anticipated retirement plans. A majority of people today are more concerned than ever about retirement. According to the September 2020 SimplyWise Retirement Confidence Index, 58% of Americans are more concerned about retirement today compared to a year ago.” – SimplyWise September Index

Major Highlights

• Given the current economic climate, only 19% of Americans plan to invest more in the stock market. However, only 34% of households with an income of more than $100k plan to invest more in stocks. 
• 40% of respondents are planning to save more.
• 51% of Americans think the stock market will decline by 20% over the next 6-months. Only 5% believe it’s improbable.
• 36% believe the economy will worsen in the next 6-months, and 28% think it will get better.
• 63% of Americans are confident in the future of Social Security if Biden is elected versus only 44% if Trump is elected.
• 86% of Americans are concerned that the current payroll tax will hurt Social Security in the long term.  (90% of Dems and 83% of Republicans). 

There are several critical issues in the index which encapsulate the ongoing financial distress that existing before the pandemic, but have since markedly worsened…CLICK for complete article