A survey has found that the pandemic has changed many people's plans regarding retirement, with one-third of people altering their target retirement age, according to new research by Northwestern Mutual released Oct. 5.
"The economic environment created by the Covid-19 pandemic has caused a lot of people to re-examine their financial lives," said Christian Mitchell, executive vice president and chief customer officer at Northwestern Mutual.
The survey found that Generation Z — those born after 1997 — and millennials — born between 1981 and 1996 — expect to retire before age 60 as compared to the average expected retirement age of 62.6.
The 24 percent of people who are delaying retirement plans cite planning for unexpected healthcare costs, caregiving responsibilities and financial stress. Eleven percent of respondents are moving up retirement plans, citing reasons including wanting to spend time with loved ones and realization of personal mission.