Thanks to the Coronavirus, There’s a New Barrier to Retirement Savings
Saving for retirement is hard enough for most Americans, many of whom have far too little money set aside. Unfortunately, the coronavirus pandemic has thrown another wrench into the works: Millions of parents across the country have been left without good child care options.
In fact, according to a July study from E*Trade Financial, 46% of parents indicated child care was a barrier to retirement, up six percentage points compared with the first quarter, before the pandemic set in. Schools across the country have switched to virtual learning, leaving in the lurch all the parents who depended on schools being open so they can work.
Parents of young children, including those not yet in school, have largely been forced to either scramble for limited day care options (which may come at a huge expense or increase their risk of exposure to COVID-19), cut back their work hours, or even give up their careers altogether. And this can profoundly affect retirement in several ways.
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