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SpanishCovid-19: Don’t Mess With My Retirement
We’ve heard a lot lately about how the Covid-19 pandemic is dramatically disrupting the retirement preparations of tens of millions of working Americans. Being furloughed from work or having your small business fail is causing people to dip into savings and interrupts putting money aside toward retirement. Those closest to retiring can be in the biggest bind, and many are choosing to delay retirement to fill their growing financial gap.
But how is the pandemic affecting folks who are already retired – or even the lifestage of retirement itself? The short answer is that Covid-19 clearly poses a major threat to the health of older people, and it has disrupted the lives and activities of retirees just like everyone else.
It’s almost as though the entire world has had a collective near-death experience – with everyone realizing that a part of their life has died, and they themselves, or their loved ones, may be at higher risk than they were a few short months ago.
However, as backdrop to this disrupting pandemic, retirement was already undergoing an enormous transformation before the coronavirus struck, and it’s continuing today.
This transformation is driven by the aging Baby Boomers, who have been retiring at the rate of about 10,000 a day for more than five years. Several seismic forces are at play – medical, demographic, economic, and social.
Read more @Forbes
