Wealthtrack

COVID-19 has affected just about every aspect of our lives:  our jobs, our health, our family and social interactions, children’s education, and leisure time.  But what has it done to retirement prospects? Not surprisingly, it has hurt them.  According to a survey of American workers with qualified retirement savings accounts, “...almost half (49%)  had experienced a reduction in work income through job loss, or decrease in hours and/or a pay cut”. Also, “...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’t impacted.”    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 und