We would love to hear from you. Click on the ‘Contact Us’ link to the right and choose your favorite way to reach-out!

wscdsdc

media/speaking contact

Jamie Johnson

business contact

Victoria Peterson

Contact Us

855.ask.wink

Close [x]
pattern

Industry News

Categories

  • Industry Articles (16,771)
  • Industry Conferences (3)
  • Industry Job Openings (3)
  • Negative Media (138)
  • Positive Media (73)
  • Sheryl's Articles (624)
  • Sheryl's Blogs (178)
  • Wink's Articles (242)
  • Wink's Blogs (225)
  • Wink's Press Releases (93)
  • Blog Archives

  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • February 2020
  • January 2020
  • December 2019
  • November 2019
  • October 2019
  • September 2019
  • August 2019
  • July 2019
  • June 2019
  • May 2019
  • April 2019
  • March 2019
  • February 2019
  • January 2019
  • December 2018
  • November 2018
  • October 2018
  • September 2018
  • August 2018
  • July 2018
  • June 2018
  • May 2018
  • April 2018
  • March 2018
  • February 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
  • September 2017
  • August 2017
  • July 2017
  • June 2017
  • May 2017
  • April 2017
  • March 2017
  • February 2017
  • January 2017
  • December 2016
  • November 2016
  • October 2016
  • September 2016
  • August 2016
  • July 2016
  • June 2016
  • May 2016
  • April 2016
  • March 2016
  • February 2016
  • January 2016
  • December 2015
  • November 2015
  • October 2015
  • September 2015
  • August 2015
  • July 2015
  • June 2015
  • May 2015
  • April 2015
  • March 2015
  • February 2015
  • January 2015
  • December 2014
  • November 2014
  • October 2014
  • September 2014
  • August 2014
  • July 2014
  • June 2014
  • May 2014
  • April 2014
  • March 2014
  • February 2014
  • January 2014
  • December 2013
  • November 2013
  • October 2013
  • September 2013
  • August 2013
  • July 2013
  • June 2013
  • May 2013
  • April 2013
  • March 2013
  • February 2013
  • January 2013
  • December 2012
  • November 2012
  • October 2012
  • September 2012
  • August 2012
  • July 2012
  • June 2012
  • May 2012
  • April 2012
  • March 2012
  • February 2012
  • January 2012
  • December 2011
  • November 2011
  • October 2011
  • September 2011
  • August 2011
  • July 2011
  • June 2011
  • May 2011
  • April 2011
  • March 2011
  • February 2011
  • January 2011
  • December 2010
  • November 2010
  • October 2010
  • September 2010
  • August 2010
  • July 2010
  • June 2010
  • May 2010
  • April 2010
  • March 2010
  • February 2010
  • January 2010
  • December 2009
  • November 2009
  • October 2009
  • August 2009
  • June 2009
  • May 2009
  • April 2009
  • March 2009
  • November 2008
  • May 2008
  • February 2008
  • August 2006
  • New survey: 1 in 5 Americans have been forced to delay or cancel their retirement due to the pandemic

    April 6, 2021 by Nationwide


    COLUMBUS, OhioMarch 31, 2021 /PRNewswire/ — The COVID-19 pandemic has shaken many U.S. adults’ confidence in retiring comfortably or on time, with one-in-five (19%) reporting it has forced them to delay their retirement or no longer retire at all, according to the new 2021 Tax-Efficient Retirement Income survey.

    Conducted by The Harris Poll on behalf of The Nationwide Retirement Institute®, the study also found one-fourth (27%) of Americans have saved less or stopped saving for retirement because they lost their job or for other reasons. In result, almost two-in-five Americans (37%) have or are likely to withdraw money from their retirement plan early because of the pandemic, and this percentage is even higher for millennials at 58%.

    Overall, the study reveals younger adults have struggled with navigating their finances the most, with 62% of millennials and 51% of Gen Xers saying the pandemic has made their finances more complicated, compared to 27% of boomers.

    “COVID-19 has many Americans feeling financially insecure — especially younger ones,” said Eric Henderson, president of Nationwide’s Annuity business. “This presents an opportunity for financial professionals to not only get clients back on track, but ensure they have the right tools and education on topics like taxes in retirement, which can get them closer to their long-term goals.”

    The Education Gap on Taxes in Retirement



    COVID-19 has put a needed spotlight on the critical role tax planning plays in reaching those long-term goals. Almost half (47%) of Americans expect their taxes to go up significantly in the next four years and the majority (62%) agree it’s more important than ever to minimize taxes now than in retirement. They’re right to be vigilant — 42% of retirees say they didn’t consider how tax rates would affect their retirement income when planning for retirement and now 36% are terrified of what tax rates will do to their retirement income.

    While most Americans agree they should minimize their taxes now, the challenge is many aren’t financially savvy enough to do this on their own — especially today. Forty-two percent of all respondents say their taxes have become more complicated as a result of COVID-19, and this percentage jumps to 58% for millennials. Only 58% of adults surveyed know how to use tax planning to get the desired outcome they want from the IRS during tax season.

    “The worries retirees have about taxes in retirement should serve as a warning to non-retirees. Too many Americans aren’t considering or knowledgeable about building flexibility into a retirement income plan and this can have costly repercussions down the road,” said Henderson. “There’s an opportunity to bridge the education gap on how different investment and retirement vehicles, such as taxable, tax-deferred and tax-free accounts, can help effectively manage retirement income.”

    The Opportunity for Financial Professionals


    The good news is many Americans are eager to seek help from a financial professional on this topic, especially millennials. Nearly half of millennials (48%) and one-third of Gen Xers (32%) engaged a financial planner for the first time due to the pandemic, compared to 12% of boomers.

    However, the challenge is more than half of Americans (57%) rarely consider the taxes they will pay or are paying in retirement and 31% aren’t receiving the tax advice they need for retirement. There is an immediate opportunity for financial professionals to address this need, with half (50%) of Americans reporting they’d switch financial professionals for someone who could help them plan for taxes in retirement.

    More specifically, Americans would like advice on how to receive a tax benefit from itemizing (46%) and how to adjust investments in case of potential increases in capital gains taxes (42%). Another two-in-five (42%) would also like to get professional advice on how to use annuities and life insurance products that may be less impacted by any increases in capital gains taxes.

    “The survey shows consumers aren’t receiving the tax planning help they need for retirement, and as a result, they may be paying thousands of dollars more than needed,” said Henderson. “Financial professionals have a major gap to fill in educating clients on the best strategies to reduce unexpected taxes on combined income resources. By taking a holistic approach to financial planning, professionals can help more Americans save and achieve the retirement they want.”

    To learn additional insights from Nationwide Retirement Institute’s Tax-Efficient Retirement Income survey, visit www.nationwide.com/lc/resources/investing-and-retirement/articles/tax-efficiency-survey-results.

    Methodology

    Nationwide commissioned The Harris Poll to conduct a 4-question online survey among 3,002 U.S. residents ages 18 and over. Millennials are comprised of respondents 25-40, Gen Xers are respondents 41-56 and boomers are 57+. Online fieldwork was completed between March 9 — 11, 2021.

    Respondents for these surveys were selected from among those who agreed to participate in surveys by The Harris Poll. Because the sample is based on those who agreed to participate in the online panel, no estimates of theoretical sampling error can be calculated. Data are weighted where necessary by age by gender, race/ethnicity, region, education, income, marital status, and propensity to be online to bring them in line with their actual proportions in the population.

    About The Harris Poll

    The Harris Poll is one of the longest running surveys in the U.S. tracking public opinion, motivations and social sentiment since 1963 and is now part of Harris Insights & Analytics, a global consulting and market research firm that delivers social intelligence for transformational times. We work with clients in three primary areas; building twenty-first-century corporate reputation, crafting brand strategy and performance tracking, and earning organic media through public relations research. Our mission is to provide insights and advisory to help leaders make the best decisions possible. To learn more, please visit www.theharrispoll.com.

    About Nationwide

    Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified insurance and financial services organizations in the United States. Nationwide is rated A+ by both A.M. Best and Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; pet, motorcycle and boat insurance. For more information, visit www.nationwide.com. Follow us on Facebook and Twitter.

    This material is not a recommendation to buy, sell, hold, or rollover any asset, adopt an investment strategy, retain a specific investment manager or use a particular account type. It does not take into account the specific investment objectives, tax and financial condition or particular needs of any specific person. Investors should work with their financial professional to discuss their specific situation.

    This information is general in nature and is not intended to be tax, legal, accounting or other professional advice. The information provided is based on current laws, which are subject to change at any time, and has not been endorsed by any government agency.

    Nationwide and The Harris Poll are separate and non-affiliated companies.

    Nationwide Investment Services Corporation (NISC), member FINRA, Columbus, OH. Nationwide Retirement Institute is a division of NISC.

    Nationwide, the Nationwide N and Eagle, Nationwide is on your side and Nationwide Retirement Institute are service marks of Nationwide Mutual Insurance Company © Nationwide 2021

    NFM-20733AO

    Contact:

    Charley Gillespie 

    charley.gillespie@nationwide.com

    SOURCE Nationwide

    Related Links

    http://www.nationwide.com

    Originally Posted at CISION PR Newswire on March 31, 2021 by Nationwide.

    Categories: Industry Articles
    currency