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Americans were already struggling to save for retirement
A new study from the Center for Retirement Research at Boston College, found about 75 percent of those who have lost jobs because of COVID-19 are now at risk of being unable to maintain their standard of living when they retire. Even when working, half of all adults were not saving enough for retirement. People who lose their jobs have a huge risk of endangering their financial security in retirement; especially since older workers who have lost their jobs are now at particularly high risk of not having enough money to maintain their standard of living in retirement. When an older worker is laid off, they have lower earnings if they get a new job, and they have a high probability of not getting another job. In Samantha Fields’ article appearing on www.marketplace.org, she reports that while Americans were already struggling to save for retirement, the pandemic is making it worse. Read Ms. Fields’ article here…
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