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Published: Sept. 11, 2020, 11:22 p.m.

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COVID-19 has affected just about every aspect of our lives:  our jobs, our health, our family and social interactions, children\\u2019s education, and leisure time. 

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But what has it done to retirement prospects? Not surprisingly, it has hurt them. 

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According to a survey of American workers with qualified retirement savings accounts, \\u201c...almost half (49%)  had experienced a reduction in work income through job loss, or decrease in hours and/or a pay cut\\u201d.

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Also, \\u201c...workers who lost their jobs or experienced a drop in income due to the COVID-19 pandemic were at least twice as likely to take money from their qualified retirement savings accounts as those who weren\\u2019t impacted.\\u201d   

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Retirement plans for older workers are particularly stressed. Not only do they have less time to make up any shortfalls, but seniors are more at risk from COVID-19 than younger people, so returning to work is more problematic.   According to the Urban Institute, the combined rate of unemployment and underemployment for workers over 65 was 26% recently, much higher than for those between 25 and 54, and the largest gap on record.    

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How can we improve our retirement plans to withstand the current shock of this pandemic and future crises, which will inevitably occur?   

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This week we\\u2019ll be joined by one of WEALTHTRACK\\u2019s long-standing and most popular guests,  retirement expert Mary Beth Franklin.  Franklin is a Certified Financial Planner, award-winning personal finance journalist, Contributing Editor at InvestmentNews, and Author of \\u201cMaximizing Social Security Retirement Benefits.\\u201d 

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Franklin explains what the pandemic has revealed about the state of retirement planning in the U.S., and how to best manage your own retirement in the current situation.

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WEALTHTRACK # 1711 originally broadcast on September 11, 2020

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More Info: https://wealthtrack.com/how-covid-is-affecting-retirement-with-retirement-benefits-expert-mary-beth-franklin/

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Maximizing Social Security Retirement Benefits: http://www.investmentnews.com/MBFebook

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Surveys & Articles:

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https://www.limra.com/en/newsroom/industry-trends/2020/secure-retirement-institute-covid-19-related-job-loss-or-income-reductions-drive-americans-to-tap-their-retirement-savings/

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https://www.nytimes.com/2020/06/26/business/retirement-coronavirus.html

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17

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