Preparing for a successful retirement in stressful times

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The economic problems created by COVID-19 have put pressure on the finances of many retirees and those preparing for retirement. The U.S. government reported recently that as a result of the pandemic, Social Security’s main trust fund is projected to deplete in 2033, a year sooner than previously forecast. The pandemic altered the timing of retirement for 69 million Americans, with one third of all Americans saying they will retire later for financial reasons. And, the crisis increased concerns among retirees and pre-retirees about rising costs for health care and long-term care.

Our 2021 study “The Four Pillars of The New Retirement: What A Difference A Year Makes,” analyzed the impact of the pandemic on retirement based on surveys of more than 2,000 American adults. Conducted during the pandemic, the studies confirmed there are plenty of challenges facing retirees and would-be retirees. But there are also opportunities for Americans to enjoy a fruitful retirement — both financially and otherwise — and time for people to potentially make up any lost ground if they plan appropriately with the help of their financial advisors.