How the pandemic is causing Americans to change their retirement timeline

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EAST PROVIDENCE, R.I. (WPRI) — Americans are having issues with retirement plans after the shutdowns due to the pandemic.

Nearly two million older workers have left the labor force for good since the start of the pandemic and Americans are worried about their financial security in retirement.

Jeff Massey from Jeff Massey and Associates says one-third of Americans have changed their retirement plans, leading some to delay theirs and others to speed them up.

Massey gives pointers on how to minimize the impact of COVID-19 on our financial future:

  • Don’t take on more debt
  • Replenish your emergency fund
  • Continue contributing to retirement accounts
  • Have a financial plan

Another option Massey says to get back on track is to work longer than you may have planned, but it can boost your retirement income.

Watch the full interview in the video above.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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