Despite a record bull market that’s made the past year one of the best 365-day stretches since World War II and helped the S&P 500 (^GSPC), Dow Jones (^DJI) and Nasdaq (^IXIC) soar 76% 76% and 95%, respectively, while hitting multiple record highs along the way, not everyone is better off than they were a year ago.
A recent survey by Fidelity reveals that 55% of Americans claim the pandemic has delayed their retirement plans by at least two years, more than 20% of respondents said they will need four or more years, while12% believe it could take them more than five years to get their retirement plans back on track.
Fidelity’s survey, which consisted of 1,204 adult financial decision-makers who have not yet retired and have at least one investment account, revealed further turmoil beyond having to put off retirement. It appears many of the respondents were not spared from the record wave of unemployment that hit the U.S., as 82% said the pandemic had negatively impacted their retirement plans to varying degrees, including one-third saying that factors like job loss and withdrawals from their retirement accounts set them back two to three years.
Of everyone polled in the survey, just about one-third claim to be more confident in reaching their retirement goals than they were last March. But with 80% revealing that the past year has forced them to re-evaluate their financial priorities, we turn the question to you and ask how the pandemic has affected your retirement timeline?