US. Retirement planning during coronavirus pandemic: Here’s what to watch for
Retirement in the age of coronavirus isn’t going to be easy. True, seniors and pre-retirees can take advantage of some flexible and lenient new rules on retirement accounts.
Some people might see new opportunities for part-time employment, especially those who can work from home. In many other ways, things could get tougher, especially for people who already were behind on their retirement preparations.
More reliance on Social Security
As happened during prior recessions, many older workers will lose their jobs, possibly their businesses and perhaps a chunk of their retirement accounts because of stock market declines.
As a result, some will claim Social Security retirement benefits earlier than planned. Many baby boomers might try to stay employed a few years longer. If the economy remains in a prolonged funk and layoffs mount, “that may not be an option for many of the unemployed boomers, who will need to get income wherever they can find it,” wrote Kim Blanton at the Center for Retirement Research at Boston College.
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