The Pandemic Effect

Many have dipped into their retirement savings, and some have even stopped or reduced their contributions.
Reported by PLANADVISER Staff

34% of all age groups have taken money from their retirement­ account due to the economic effects of COVID-19. Millennials have needed to do so the most.


Participants Who Drew on Their Retirement Savings

Millennials
48%
Generation X
32%
Baby Boomers
22%

Participants Who Have Stopped or Reduced Their Plan Contributions

Millennials
50%
Generation X
41%
Baby Boomers
36%
… say the coronavirus pandemic is having a negative effect on their retirement savings.
… say the impact of the pandemic on the economy has prompted them to rethink how to protect their retirement savings.

“Taking steps to help mitigate these risks now can make a big difference, in both the long-term and short-term, as we wait to see what 2021 has in store for us.”
 —Aimee Johnson, vice president of advanced markets and solutions, Allianz Life


2021 Participant Predictions

… say markets
will remain volatile.
… say the economy
will improve.