Social Security Scams Targeted 53% of Seniors, Finds Nov SimplyWise Retirement Confidence Index

NEW YORK - Dec. 3, 2020 - PRLog -- The November 2020 SimplyWise Index (https://www.simplywise.com/blog/retirement-confidence-index/) found that 59% of Americans are more concerned about their retirement today compared to a year ago. The bi-monthly study was conducted as an online, random sample survey of 1,090 Americans ages 18+ between November 8-10, 2020. It is part of SimplyWise's efforts to help Americans with their retirement savings and benefits, particularly given COVID-closures of Social Security offices (https://www.simplywise.com/social-security-office/states). Other key report findings included:

* 71% of Americans 70+ are now concerned about Social Security running out – up from 29% in July.
* 47% of Americans experienced an attempted Social Security scam in the last 3 months, including 53% of seniors (60+).
* 19% of people in their 50s now plan to work full-time in retirement (up from 8% in May).
* Nearly half of people laid off or furloughed due to COVID-19 saved $0 for retirement in the last year – up from 27% in September.
* 29% of 401k holders are now planning to withdraw early from that account to pay the bills – a pandemic high.
* 56% of Americans are willing to risk getting COVID in order to work, including 35% of seniors (60+).
* 43% of Americans would not be able to come up with $500 cash right now without selling something or taking out a loan.

"You need to do what is right for your personal financial situation to get through these challenging times," says Sam Abbas, CEO of SimplyWise (https://www.simplywise.com/), a savings fintech. "But given today's uncertainty, it's more important than ever that when you're back on your feet, you prioritize organizing your finances and investing in your future."