Reevaluating Retirement Plans due to Covid-19

COVID-19 Has Many Americans Reevaluating Retirement Plans

Roughly two in five Americans (38%) say the COVID-19 pandemic has impacted their retirement plans by having to retire later than planned, now not being able to retire at all or being forced into retirement. Plus, 41% are currently reevaluating their retirement plans to assess the financial impact of COVID-19. These are among the findings revealed by a new COVID-19 Tax Survey conducted online in May 2020 by The Harris Poll on behalf of The Nationwide Retirement Institute® among U.S. adults 18+.  Heightened uncertainty and complexity are driving a need for greater financial protection. Roughly half of Americans agree that the COVID-19 pandemic has made them recognize the need for annuities to protect their investments against market risk (47%) and to protect their retirement income (48%). More than half of all U.S. adults (57%) and investors (60%) also say the pandemic has made them recognize the need for life insurance.

More survey results can be found in the full article at the link above.

The heightened uncertainty and complexity have definitely affected my own retirement plans.

The massive number of people out of work have definitely affected my own thoughts and feelings about work.

Retirement = work.

As long as my health holds up and as long as there’s someone out there willing to pay me to do what I do I plan on working.

4 thoughts on “Reevaluating Retirement Plans due to Covid-19

  1. I’m spending more because I don’t know how much longer I’ll be living. Maybe instead I should be looking into long-term care insurance. Who knows. But I’m getting the new car I’ve been wanting for many years! My contribution to the economy. 🙂

    • None of us know how long we have in this life. We are also looking into upgrading our second car to replace my 2006 Ford Taurus. This is a great time to buy a car with all of the zero percent financing and extended terms.

      • Yes, that’s what I thought about the timing. I have been looking on the Internet for several months. My present car is a 1996. So I am way overdue. It is going to be quite a learning curve with this new Volvo. I’m getting the small SUV, the XC40. The first time I’ve gotten a brand new car!

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