Since the market crash of 2008, many Americans continued to share the worry about a retirement crisis. Now, with the lingering effects of that not-so-distant memory, many people share a growing fear that the COVID-19 pandemic will have an even greater impact on the economy and personal finances than the 2007-2009 Great Recession.* While the full economic impact of the pandemic will not be known for some time, if you’re feeling nervousness over financial security or unprepared for the risk of an early retirement, you’re not alone.
It’s clear that the financial security of Americans has been severely compromised, adding greater risk to a generation who were already struggling to save and plan for retirement. In our recent survey, a majority of Americans reported far greater anxiety today than after the Great Recession about many financial issues, including day-to-day finances, retirement savings, and the stability of their professional career. And, rightfully so: Things like an earlier-than-planned retirement or general lack of financial preparedness are realities that put savings and retirement income plans at risk.