Sumary of After Covid-19: What’s The Impact On Planning For Your Retirement?:
- It is important to understand the pandemic effects to help mitigate additional financial consequences that may develop in the future..
- One big revelation is that the pandemic exacerbated the growing economic inequality our society experienced over many decades..
- The negative impact of the Covid-19 pandemic has been the greatest for those who were already challenged when it came to building retirement security..
- The study also provides insights into how the Covid-19 pandemic impacted perceptions about financial security and planning for retirement, and how priorities changed since the first iteration of the study was done in 2018..
- Employment changes in particular—whether from loss of employment, people leaving jobs to care for their families, staying home for their own safety or for the safety of their loved ones—are a major driver of pandemic-related changes that reduced retirement security..
- is still rebounding, tracking at 6.1% in April 2021, up from 3.5% in February 2020 before the pandemic, but down from a staggering 14.8% in April 2020 during its height….