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Many expect coronavirus to delay retirement by 6 years: Poll

Yahoo Finance’s Dhara Singh joins Zack Guzman to discuss how many Americans may end up putting retirement on hold due to the coronavirus pandemic.

Video Transcript

ZACK GUZMAN: Far more Americans are saying that the time they're going to retire is moving back six years due to the impact of the pandemic. And here for more on that, I want to bring on Yahoo Finance's Dhara Singh, who has the details. Dhara.

DHARA SINGH: Hi, Zack. Yeah, thanks for having me on. So Charles Schwab recently released a study this morning, and that showed that the average age retirees expect to retire is 66. Now this is actually a huge contrast to apprentice retirees, which are retirees that are a few years in. They retired around 62. And accomplished retirees have retired around 59 and 60.

And so it's a huge discrepancy. And basically, a lot of this is due to the pandemic, where a third of aspiring retirees feel that they're going to have to work part-time to make ends meet. But get this-- the interesting thing is, they know they'll have to work part-time, but they don't think they'll have to sacrifice their lifestyle. So just an interesting twist there.

ZACK GUZMAN: Yeah, and that's the other thing, too, is, I know a lot of people feel confident heading into retirement. But that was another thing that jumped out at me in this report, is that those savings don't last as long as you hope if you're living the same way you do before retirement. So talk to me about that.

DHARA SINGH: Right, so the survey also found that, on average, these retirees have close to $1 million in retirement savings. If you want to be exact, 920,400. But the thing is this, according to experts, is only going to last them seven years. So while you might think you have enough, chances are, that's not going to last you very long. So, yeah.

ZACK GUZMAN: Yeah, this is why, you know, we always stress the importance of actually talking to someone and planning this out to figure it out. Social Security playing a piece in this as well. But overall, it does seem to be a trend, especially in what we're seeing in this report-- people's expectations changing due to the pandemic. But Dhara Singh, appreciate you bringing us those results here.