Security Magazine logo
  • Sign In
  • Create Account
  • Sign Out
  • My Account
  • NEWS
  • MANAGEMENT
  • PHYSICAL
  • CYBER
  • BLOG
  • COLUMNS
  • EXCLUSIVES
  • SECTORS
  • EVENTS
  • MEDIA
  • MORE
  • EMAG
  • SIGN UP!
cart
facebook twitter linkedin youtube
  • NEWS
  • Security Newswire
  • Technologies & Solutions
  • MANAGEMENT
  • Leadership Management
  • Enterprise Services
  • Security Education & Training
  • Logical Security
  • Security & Business Resilience
  • Profiles in Excellence
  • PHYSICAL
  • Access Management
  • Fire & Life Safety
  • Identity Management
  • Physical Security
  • Video Surveillance
  • Case Studies (Physical)
  • CYBER
  • Cybersecurity News
  • More
  • COLUMNS
  • Cyber Tactics
  • Leadership & Management
  • Security Talk
  • Career Intelligence
  • Leader to Leader
  • Cybersecurity Education & Training
  • EXCLUSIVES
  • Annual Guarding Report
  • Most Influential People in Security
  • The Security Benchmark Report
  • Top Guard and Security Officer Companies
  • Top Cybersecurity Leaders
  • Women in Security
  • SECTORS
  • Arenas / Stadiums / Leagues / Entertainment
  • Banking/Finance/Insurance
  • Construction, Real Estate, Property Management
  • Education: K-12
  • Education: University
  • Government: Federal, State and Local
  • Hospitality & Casinos
  • Hospitals & Medical Centers
  • Infrastructure:Electric,Gas & Water
  • Ports: Sea, Land, & Air
  • Retail/Restaurants/Convenience
  • Transportation/Logistics/Supply Chain/Distribution/ Warehousing
  • EVENTS
  • Industry Events
  • Webinars
  • Solutions by Sector
  • Security 500 Conference
  • MEDIA
  • Videos
  • Podcasts
  • Polls
  • Photo Galleries
  • Videos
  • Cybersecurity & Geopolitical Discussion
  • Ask Me Anything (AMA) Series
  • MORE
  • Call for Entries
  • Classifieds & Job Listings
  • Continuing Education
  • Newsletter
  • Sponsor Insights
  • Store
  • White Papers
  • EMAG
  • eMagazine
  • This Month's Content
  • Advertise
Security Magazine logo
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Security Magazine logo
  • NEWS
    • Security Newswire
    • Technologies & Solutions
  • MANAGEMENT
    • Leadership Management
    • Enterprise Services
    • Security Education & Training
    • Logical Security
    • Security & Business Resilience
    • Profiles in Excellence
  • PHYSICAL
    • Access Management
    • Fire & Life Safety
    • Identity Management
    • Physical Security
    • Video Surveillance
    • Case Studies (Physical)
  • CYBER
    • Cybersecurity News
    • More
  • BLOG
  • COLUMNS
    • Cyber Tactics
    • Leadership & Management
    • Security Talk
    • Career Intelligence
    • Leader to Leader
    • Cybersecurity Education & Training
  • EXCLUSIVES
    • Annual Guarding Report
    • Most Influential People in Security
    • The Security Benchmark Report
    • Top Guard and Security Officer Companies
    • Top Cybersecurity Leaders
    • Women in Security
  • SECTORS
    • Arenas / Stadiums / Leagues / Entertainment
    • Banking/Finance/Insurance
    • Construction, Real Estate, Property Management
    • Education: K-12
    • Education: University
    • Government: Federal, State and Local
    • Hospitality & Casinos
    • Hospitals & Medical Centers
    • Infrastructure:Electric,Gas & Water
    • Ports: Sea, Land, & Air
    • Retail/Restaurants/Convenience
    • Transportation/Logistics/Supply Chain/Distribution/ Warehousing
  • EVENTS
    • Industry Events
    • Webinars
    • Solutions by Sector
    • Security 500 Conference
  • MEDIA
    • Videos
      • Cybersecurity & Geopolitical Discussion
      • Ask Me Anything (AMA) Series
    • Podcasts
    • Polls
    • Photo Galleries
  • MORE
    • Call for Entries
    • Classifieds & Job Listings
    • Continuing Education
    • Newsletter
    • Sponsor Insights
    • Store
    • White Papers
  • EMAG
    • eMagazine
    • This Month's Content
    • Advertise
  • SIGN UP!
ManagementSecurity Newswire

25% of Americans Concerned About a Secure Retirement After the COVID-19 Pandemic

coronavirus
May 20, 2020

A quarter of workers currently employed or recently unemployed say their confidence in their ability to retire comfortably has declined in light of the coronavirus pandemic, according to a study by the Transamerica Center for Retirement Studies.

“Workers across generations are at risk of not achieving a financially secure retirement — an issue of major concern long before the coronavirus pandemic,” said Catherine Collinson, CEO and president of the Transamerica Center and the nonprofit Transamerica Institute, which are funded by contributions from Transamerica Life Insurance Co. and its affiliates.

“Now, the negative economic effects of the pandemic are further threatening retirement savings and security,” she said. “The long-term implications of the coronavirus pandemic and recession on retirement security have yet to be fully realized. However, the financial vulnerabilities among workers across all generations are becoming clear.”

The study, “Retirement Security Amid COVID-19: The Outlook of Three Generations,” examined the retirement risks faced by millennials, Generation Xers and baby boomers.

The survey found:

  • Almost six in 10 workers have experienced one or more impacts to their employment situation as a result of the pandemic, including reduced work hours, reduced salaries, layoffs, furloughs, and early retirement.
  • If the pandemic negatively impacts their finances, workers say they will fall back on savings, followed by credit cards, unemployment benefits and stimulus money. One in six workers cite reliance on a significant other’s or spouse’s income, withdrawal from a retirement account, and/or a loan from a friend or family member.
  • One in three millennial workers have and/or plan to dip into their retirement accounts, including 22% who have already taken a loan and/or early withdrawal, and 20% who plan to do so. By comparison, only 15% of GenXers and 10% of baby boomer workers have already done so and/or plan to do so.

“The pandemic’s economic fallout should not be underestimated,” Collinson said. “For some workers, the current recession may be a major setback and for others it could be a knock-out blow.”

The study offers suggestions that could help improve workers’ retirement prospects, including:

  • Financial planning, creating a budget, prioritizing expenses, setting short- and long-term goals, and developing a retirement strategy. Less than one in four workers have a written financial strategy for retirement.
  • Employers should offer flexible work arrangements and maintain current employee benefits. Maintaining retirement, health and welfare benefits can provide insurance protections, mitigate out-of-pocket expenses and help employees save for the future.
  • Policymakers, industry and employers should promote and increase awareness of available relief programs such as unemployment insurance, stimulus funds, small business loans and access to health care insurance — and make it as easy as possible for workers to access them.

“Workers’ ability to achieve a secure retirement highly depends on a robust employment market, the availability of retirement, health and welfare benefits, the preservation of safety nets such as Social Security and Medicare,” Collinson said. “Even amid the pandemic and current hardships, we are presented with an opportunity to come together to re-imagine our world — including how we live, work, retire and age with dignity.”

KEYWORDS: COVID-19 economic damages employment retirement

Share This Story

Looking for a reprint of this article?
From high-res PDFs to custom plaques, order your copy today!

Recommended Content

JOIN TODAY
To unlock your recommendations.

Already have an account? Sign In

  • Security's Top Cybersecurity Leaders 2024

    Security's Top Cybersecurity Leaders 2024

    Security magazine's Top Cybersecurity Leaders 2024 award...
    Security Enterprise Services
    By: Security Staff
  • cyber brain

    The intersection of cybersecurity and artificial intelligence

    Artificial intelligence (AI) is a valuable cybersecurity...
    Security Enterprise Services
    By: Pam Nigro
  • artificial intelligence AI graphic

    Assessing the pros and cons of AI for cybersecurity

    Artificial intelligence (AI) has significant implications...
    New Security Technology
    By: Charles Denyer
close

1 COMPLIMENTARY ARTICLE(S) LEFT

Loader

Already Registered? Sign in now.

Manage My Account
  • Security eNewsletter & Other eNews Alerts
  • eMagazine Subscriptions
  • Manage My Preferences
  • Online Registration
  • Mobile App
  • Subscription Customer Service

Middle East Escalation, Humanitarian Law and Disinformation – Episode 25

Middle East Escalation, Humanitarian Law and Disinformation – Episode 25

Security’s Top 5 – 2024 Year in Review

Security’s Top 5 – 2024 Year in Review

The Money Laundering Machine: Inside the global crime epidemic - Episode 24

The Money Laundering Machine: Inside the global crime epidemic - Episode 24

More Videos

Sponsored Content

Sponsored Content is a special paid section where industry companies provide high quality, objective, non-commercial content around topics of interest to the Security audience. All Sponsored Content is supplied by the advertising company and any opinions expressed in this article are those of the author and not necessarily reflect the views of Security or its parent company, BNP Media. Interested in participating in our Sponsored Content section? Contact your local rep!

close
  • Sureview screen
    Sponsored bySureView Systems

    The Evolution of Automation in the Command Center

  • Crisis Response Team
    Sponsored byEverbridge

    Automate or Fall Behind – Crisis Response at the Speed of Risk

  • Perimeter security
    Sponsored byAMAROK

    Why Property Security is the New Competitive Advantage

Popular Stories

Rendered computer with keyboard

16B Login Credentials Exposed in World’s Largest Data Breach

Verizon on phone screen

61M Records Listed for Sale Online, Allegedly Belong to Verizon

Security’s 2025 Women in Security

Security’s 2025 Women in Security

blurry multicolored text on black screen

PowerSchool Education Technology Company Announces Data Breach

Half closed laptop

Sudo Vulnerability Discovered, May Exposes Linux Systems

Events

August 7, 2025

Threats to the Energy Sector: Implications for Corporate and National Security

The energy sector has found itself in the crosshairs of virtually every bad actor on the global stage.

August 27, 2025

Risk Mitigation as a Competitive Edge

In today’s volatile environment, a robust risk management strategy isn’t just a requirement—it’s a foundation for organizational resilience. From cyber threats to climate disruptions, the ability to anticipate, withstand, and adapt to disruption is becoming a hallmark of industry leaders.

View All Submit An Event

Products

Security Culture: A How-to Guide for Improving Security Culture and Dealing with People Risk in Your Organisation

Security Culture: A How-to Guide for Improving Security Culture and Dealing with People Risk in Your Organisation

See More Products

Related Articles

  • workplace

    84% of employees concerned about returning to the physical workplace during COVID-19 pandemic

    See More
  • finance3-900px.jpg

    American Workers Very Concerned About Finances during COVID-19 Pandemic

    See More
  • cyber_lock

    COVID-19 and the need for a national cyber director: How the response to the pandemic illustrates the importance of a leadership

    See More

Related Products

See More Products
  • Physical-Security-and-Safet.gif

    Physical Security and Safety: A Field Guide for the Practitioner

  • Security of Information and Communication Networks

  • physical security.webp

    Physical Security Assessment Handbook An Insider’s Guide to Securing a Business

See More Products
×

Sign-up to receive top management & result-driven techniques in the industry.

Join over 20,000+ industry leaders who receive our premium content.

SIGN UP TODAY!
  • RESOURCES
    • Advertise
    • Contact Us
    • Store
    • Want More
  • SIGN UP TODAY
    • Create Account
    • eMagazine
    • eNewsletter
    • Customer Service
    • Manage Preferences
  • SERVICES
    • Marketing Services
    • Reprints
    • Market Research
    • List Rental
    • Survey/Respondent Access
  • STAY CONNECTED
    • LinkedIn
    • Facebook
    • YouTube
    • X (Twitter)
  • PRIVACY
    • PRIVACY POLICY
    • TERMS & CONDITIONS
    • DO NOT SELL MY PERSONAL INFORMATION
    • PRIVACY REQUEST
    • ACCESSIBILITY

Copyright ©2025. All Rights Reserved BNP Media.

Design, CMS, Hosting & Web Development :: ePublishing

Security Magazine logo
search
cart
facebook twitter linkedin youtube
  • Sign In
  • Create Account
  • Sign Out
  • My Account
Security Magazine logo
  • NEWS
    • Security Newswire
    • Technologies & Solutions
  • MANAGEMENT
    • Leadership Management
    • Enterprise Services
    • Security Education & Training
    • Logical Security
    • Security & Business Resilience
    • Profiles in Excellence
  • PHYSICAL
    • Access Management
    • Fire & Life Safety
    • Identity Management
    • Physical Security
    • Video Surveillance
    • Case Studies (Physical)
  • CYBER
    • Cybersecurity News
    • More
  • BLOG
  • COLUMNS
    • Cyber Tactics
    • Leadership & Management
    • Security Talk
    • Career Intelligence
    • Leader to Leader
    • Cybersecurity Education & Training
  • EXCLUSIVES
    • Annual Guarding Report
    • Most Influential People in Security
    • The Security Benchmark Report
    • Top Guard and Security Officer Companies
    • Top Cybersecurity Leaders
    • Women in Security
  • SECTORS
    • Arenas / Stadiums / Leagues / Entertainment
    • Banking/Finance/Insurance
    • Construction, Real Estate, Property Management
    • Education: K-12
    • Education: University
    • Government: Federal, State and Local
    • Hospitality & Casinos
    • Hospitals & Medical Centers
    • Infrastructure:Electric,Gas & Water
    • Ports: Sea, Land, & Air
    • Retail/Restaurants/Convenience
    • Transportation/Logistics/Supply Chain/Distribution/ Warehousing
  • EVENTS
    • Industry Events
    • Webinars
    • Solutions by Sector
    • Security 500 Conference
  • MEDIA
    • Videos
      • Cybersecurity & Geopolitical Discussion
      • Ask Me Anything (AMA) Series
    • Podcasts
    • Polls
    • Photo Galleries
  • MORE
    • Call for Entries
    • Classifieds & Job Listings
    • Continuing Education
    • Newsletter
    • Sponsor Insights
    • Store
    • White Papers
  • EMAG
    • eMagazine
    • This Month's Content
    • Advertise
  • SIGN UP!