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How the Pandemic Is Making the Retirement Crisis Worse — and What to Do About It

May 5, 2020

From the nextavenue website

The coronavirus crisis has torn the Band-Aid off the financial fragility of many Americans. With an unemployment rate between 15% and 20%, bank accounts draining, and the Dow down 23% in the first quarter, things are dreadful for millions of people. But Americans in their 50s and 60s nearing retirement may be among the most endangered.

Many already weren’t on track for retirement, with little or no savings. Now, the COVID-19 downturn threatens to further undermine America’s vulnerable public and private retirement systems. Long story short: the pandemic is making the retirement crisis worse.

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