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Half of Americans Need a Third Stimulus Check Within Next 3 Months

Tue, 02 February 2021  |  retirement 

The latest Retirement Confidence Index from SimplyWise.com found that concerns over personal finances and savings remain high for all Americans. Yet certain populations, including seniors, people of color, and lower income Americans are disproportionately feeling the impact of the virus on their finances.

Key report findings included:

• 55% of people are more concerned about retirement today than this time last year.
• 44% of Americans worry they'll never be able to retire—an all-time high.
• 23% of Americans don't have any kind of retirement plan.
• 64% of Black Americans could not last more than 3 months off their savings, compared to 48% of White Americans.
• 25% of Americans in their 60s could not last more than 3 months off their savings—an all-time high.
• 75% of people who were laid off due to COVID-19 couldn't come up with $500 cash.
• 45% of Black Americans now fear falling behind on their rent or mortgage, compared to 44% of Hispanic Americans, and 28% of White Americans.
• 51% of Americans need a third Stimulus Check within the next 3 months—and 76% who lost their job due to COVID-19 need a third stimulus check within 3 months.
• 69% of Social Security beneficiaries experienced at least 1 scam attempt in the last 3 months.

The January SimplyWise study found that 44% of Americans worry they'll never be able to retire—an all-time high.

The bi-monthly study was conducted as an online, random sample survey of 1,029 Americans ages 18+ between January 8-10, 2021 to explore sentiment about savings and retirement, particularly given the recent political instability and ongoing COVID-19 crisis. It is part of SimplyWise's ongoing efforts to help Americans maximize savings and benefits, particularly given COVID-closures of Social Security offices.

Source: SimplyWise.com