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Rampant inflation. Depressed stock markets. A global pandemic in its third year. Maintaining financial well-being in such an environment can be difficult—especially retirement readiness, which depends upon a series of actions and decisions that are certainly more challenging in tough economic circumstances.
A new report from the TIAA Institute and the College and University Professional Association for Human Resources examines retirement readiness among full-time employees in higher education, a sector hit hard by COVID-19 and other recent challenges.
Highlights from the report include:
- Negative self-assessments of retirement readiness are increasingly common among individuals age 50 and older in the full-time higher education workforce.
- Among the 50-59 and 60 and older age groups, respectively, the percentages not confident about having enough money to live comfortably throughout retirement are 14 and 8 percentage points higher in 2022 than 2019.
- Forty-four percent of those age 50-59 and 31 percent of those 60 and older are saving more for retirement than they were in early 2020 before the onset of COVID-19. Nonetheless, fewer than 20 percent are very confident they are saving an adequate amount.