January 2021

Americans’ retirement savings may not be that safe after all, new survey finds

Men more likely to take advantage of COVID relief programs in 2020  The stock market may have recovered from the first shocks of the pandemic, but Americans’ retirement savings might not be as lucky.  A majority of Americans — 60% — withdrew or borrowed money from qualified retirement plans since COVID-19 first arrived in the U.S., two-thirds of whom did so to pay for basic living expenses, according to a new survey from Kiplinger’s Personal Finance Magazine and financial firm Personal Capital.  Nearly a...

December 2020

US. Workers Tap Retirement Savings as a Last Resort

About a month into the pandemic, Tyler Mathiesen lost his position at a tech company, his first full-time job out of college. For several months, everything was fine: Payments on his $75,000 in student loans were paused, and the extra $600 weekly federal unemployment benefit helped pay the rest. He even managed to save some money. But as the summer ended, the added benefit expired and his regular state unemployment benefits were close to running out. He needed a...

Covid-19 poses long-term threat to pension savings – OECD

The Covid-19 pandemic has increased the risk that people will not be able to save enough for their retirement, according to a new OECD study. Read also FinTech In The Time Of COVID: What Financial Services Companies Need To Know The economic impact of the crisis and the shutdowns that many countries have adopted in an effort to halt the spread of the virus has affected the ability of workers and their employers to contribute to private retirement plans, the...