A recent survey gives us some insight on how baby boomers are feeling these days. Some 24% of those 56 and older say the pandemic has caused them to push back their planned retirement date.
While 401(k) balances remain buoyant for now, the U.S. is still in a recession: the official unemployment rate is 11.1%, up from 3.7% at this time last year, and the country’s real gross domestic product dropped at an annual rate of 32.9% in the second quarter. The economy will more than likely stay this way until a vaccine is widely available.
Fifteen percent of pre-retirees say they plan to take Social Security later than expected due to COVID-19, while 8% plan to claim their benefits earlier. Some people may have little choice but to claim early, if they’ve been laid off and don’t have adequate savings to fall back on. Please don’t take your benefits early without talking to me or someone else that can explain the ramifications of that decision. Call 320-679-5183 or go to our website yoursafemoneyshow.com.
No comments:
Post a Comment