The Elderly and the COVID Pandemic: Early Findings on the Impact on Health, Mental Well-Being, and Financial Situation

Summary

Using early releases of data from the Health and Retirement Study (HRS) COVID-19 Project survey, the Employee Benefit Research Institute (EBRI) examines the various impacts of the pandemic on older Americans’ health, mental well-being, and financial situation. The bottom line is that the responses within the HRS depict an older population that was clearly impacted by the pandemic but that was — overall — remarkably resilient. However, the data also identify key areas of concern as well, including lower wealth and those near or early in retirement.

• Survey respondents rated worries about health as high, especially compared with other stressors.
• Still, most older individuals reported being able to obtain needed medical care.
• At the same time, the decision not to see a medical professional — when it occurred — was more often than not something that was out of the control of the individual such as the care provider canceling, closing, or rescheduling.
• While most respondents reported experiencing a disruption in their contact with family and friends, few found these disruptions extremely stressful.
• The majority of survey respondents reported no change in their income following the pandemic; however, 17 percent reported that their income decreased, and the younger age cohort (67 and younger) was disproportionately affected.
• Also, those 67 and younger were also disproportionately affected by job loss.
  • It is important to recognize that those in their pre- or early retirement years who disproportionately experienced job loss, reduced income, and difficulty paying bills due to the pandemic may now struggle to achieve a secure retirement.