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Retirement Savings and the COVID-19 Pandemic

It’s certainly no secret that Americans, as a general rule, don’t save enough for retirement. For years, financial advisors have been advising their clients to focus strongly on saving more and accumulating a bigger nest egg for the future, because Social Security will represent only 30% to 40% of their retirement income need. And then, along came the COVID-19 pandemic. According to a recent study, about 30% of those contemplating retirement say they have now delayed their retirement plans, and many needed to use money slated for savings for day-to-day expenses instead. Indeed, the pandemic has forced many Americans to rethink their retirement plans, as discussed in this article by Vance Cariaga appearing at Yahoo! Finance. Click here to read more.

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