Thanks to a pandemic that has left millions of Americans jobless and forced many to tap into their retirement savings early or stop saving altogether, more people than ever believe retirement is out of reach. In fact, a record 44% of Americans who are not yet claiming Social Security now worry they won’t be able to retire at all, according to a survey conducted earlier this month by retirement planning site SimplyWise.

Although much of this concern centers on the fear among younger Americans that Social Security will end during their lifetime, even the number of older adults concerned that they won’t be able to afford to retire has increased, according to the report. Previous SimplyWise surveys, conducted bimonthly from May through January, found that approximately one in three Americans in their 50s worry about not being able to retire, but the January poll found that 42% worry they may never be able to retire. Perhaps worse, for seniors, many of whom already are retired from full-time work, a full 18% believe they never completely will stop working. 

“That more Americans than ever fear they may not be able to retire reflects a collective reliance on having work income into one’s 70s, Sam Abbas, CEO of SimplyWise, told the McKnight’s Business Daily. “But as we have seen in the last year, health problems or unexpected job losses can force people out of work and into early retirement long before anticipated.” 

The survey, which included responses from 1,029 Americans aged 18 year or more years, also found that 25% of respondents in their 60s would not be able to last more than 3 months off their savings — an all-time high.

One bright spot with regard to savings for the senior housing industry, however, was that across the board, Americans said they do feel more determined to improve their savings in the new year. In fact, 54% of respondents said they plan to save more for retirement in 2021. Of people in their 50s, 55% said they plan to save more for retirement this year.

“The storm of uncertainty in 2020 seems to have been a wake-up call for a majority of Americans,” Abbas said. “While things remain uncertain, building up savings today will help each of us regain control for the future in our post-COVID world.”