Retirees across the United States were already overwhelmed and underprepared for their futures before the coronavirus, but uncertainties about the health-care system and economy are making it harder to plan ahead. There may be some relief in sight.
The bad news: Society isn’t there yet. Government and health officials are still not sure when this pandemic will end and a “new normal” will begin. The retirement industry pre-COVID-19 may have been optimistic, especially as markets had significantly rebounded from the 2008-09 financial crisis, Mitchell wrote. The government had passed sweeping retirement legislation to boost retirement security in December too. But the pandemic, which has killed more than 100,000 people in the U.S.
Pensions may suffer from underfunding — many of which already being at-risk — and it will take years before investment losses bounce back. The CARES Act made it easier for savers to withdraw more or take loans from their nest eggs without penalty, which could result in less money when they retire. While some may retire sooner than anticipated, others may have to prolong their careers until they have enough saved to last their lifetimes, Mitchell said.
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Source: USATODAY - 🏆 100. / 63 Read more »