Did the Pandemic Affect Your Retirement Plan?

With the pandemic fervor cooling off a bit, now it’s time to reflect, take stock of our current positions, and possibly alter our plans for the future. Events of the past year have affected all of us, and some more than others. With regard to those planning for retirement, we have learned that the pandemic frequently brought some drastic changes to plans. Did you fall into one of the following groups?

Some opted for early retirement. As the pandemic began, some workers nearing retirement decided to go ahead and make the leap. Most of these people felt concerned for their health or that of their spouse, especially with regard to pre-existing conditions that become more common after age 60. Those who were not able to work from home were the most likely to consider an early retirement.

Some were forced into an early retirement. If your company closed down, you probably faced intense competition and other factors that made finding new employment extremely difficult. After months or a year of unemployment, some older workers now consider themselves retired.

Some tried retirement… but it didn’t stick. The unemployment rate is high in all age groups, but for those over 65 it soared to 15.6 percent in the past year. However, many in this group have found that living on unemployment benefits is not practical, and they aren’t yet ready to retire. These workers are ready to find new employment, continue saving for retirement, and then retire when they had originally planned to do so.

Some have delayed their retirements. The past year has seen more than its share of ups and downs in the stock market. You might suspect that losses have triggered delays in retirement for many workers, but luckily that isn’t the case for most. The market did recover, to a large degree, by the end of the year. Only 16 percent of older workers report that they will now have to retire later than planned.

Do you fall into any of these groups? How do you feel about it? Are you still feeling concerned about the future? Give us a call, and we’ll schedule an appointment to discuss your concerns. Together we can alter your plans and hopefully get you back on track toward the retirement you originally planned.