COVID-19 pandemic will delay retirement for 1/3 of Americans

  • By cvbizz
  • February 17, 2021
  • 0
Share This Post!

The COVID-19 pandemic has brought on tough financial times for most people, and for many of them, it’s also having long-term impacts.

Not only has the pandemic eaten away at many folks’ salaries and bank accounts, it’s taking a toll on their retirement savings. A recent survey found that more than a quarter of Americans have withdrawn money from their retirement plan. Another 20% are contributing less to their 401Ks and other savings plans.

The reasons vary, from additional debt and job loss to having to care for a family member. At the same time, some employers have reduced or eliminated their contributions to employees’ 401K.

About one-third of people say the pandemic has delayed their retirement. Financial planners say withdrawing money from those accounts should be a last resort, and people should cut all spending they can to leave that retirement money alone. #WakeUpCLT #COVID19


Upstate News Headlines

PHP Code Snippets Powered By :