Most Americans Are Confident About Retirement Despite COVID-19

COVID-19's impact is by no means just health-related. The pandemic has upended the U.S. economy, leaving millions of Americans out of work and forcing countless small businesses to shut their doors, potentially for good.

Retirement plan values have fallen due to COVID-19, too. The average 401(k) balance dropped $20,900 between the last quarter of 2019 and the first quarter of 2020, representing a 19% decline, according to Fidelity. The average IRA balance, meanwhile, dropped $16,500 during that time, representing a 14% decline.

But in spite of all of that downward activity, today's workers are still reasonably confident about their retirement prospects, reports the Employee Benefit Research Institute. Prior to the pandemic, 27% of workers indicated that they're very confident they'll have enough money to live comfortably during their senior years, while 69% said they're either very or somewhat confident.

Source Fool.com