The COVID-19 pandemic has had a huge financial impact since cases first started multiplying rapidly back in March. Now, almost five months later, unemployment is still rampant and the economy is stuck deep in recession territory.

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All of this is causing Americans to rethink their near-term and long-term financial plans, so it’s not surprising to learn that 19% of U.S. adults now intend to push back their retirement date, according to a new Nationwide survey. Of course, delaying retirement is a smart move for those whose finances have taken a turn for the worse in the course of the pandemic. But is it the right move for you?

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The benefits of delaying retirement Maybe your income has taken a hit in recent weeks. Or maybe you’ve lost your job completely, and that lack of income has forced you to dip into your near-term or retirement savings.

In either scenario, delaying retirement is a smart move for a few key reasons. First, by postponing that milestone, you can leave your remaining savings alone for a longer period of time, thereby stretching that money further.

Secondly, delaying retirement gives you an opportunity to add to your IRA or 401(k), which means that if you had to take a withdrawal to pay the bills during the pandemic, you may get a chance to fully replace that missing chunk of cash.

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