Four Ways Covid-19 Has Changed Retirement
The Covid-19 pandemic is triggering a retirement rethink for many Americans.
A survey by the National Institute on Retirement Security (NIRS) found that about half of Americans are now more concerned about their retirement security in light of the Covid-19 pandemic and are considering the possibility of working longer.
At the same time, the pandemic has triggered a desire to retire earlier among other survey respondents. After all, Covid-19 has reminded everyone that life can be shorter than anticipated.
The fallout extends to retirement portfolios as well. The Federal Reserve’s policy response to the crisis has extended the era of ultra-low interest rates on cash and high-quality bonds.
Meanwhile, the sustained upswing in the U.S. stock market—which seems to be benefitting from stimulus—makes it ever more important for anyone nearing retirement or in the early years of retirement to be on high alert for a bear market, which could shave years off an investment portfolio.
Let’s take a closer look at these changes to the retirement landscape during Covid-19 and examine what you should do if they apply to your particular situation.
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