When COVID-19 entered our world in 2020, all of our lives were turned upside down. As a senior, the pandemic has impacted the retirement lifestyle in more ways than one. We’ve had to socially distance and refrain from seeing family and friends, and for some people, even finances have been impacted. Seniors in retirement are no exception.
According to Forbes Advisor, a survey conducted by the National Institute on Retirement Security indicated that there are four key areas of retirement that have been the most affected by the pandemic.
- Some people want to retire earlier
- Others want to delay retirement
- Rates on investments and bonds have been affected
- More seniors are opting to remain in their existing homes instead of moving to a new home in retirement
While none of this is surprising given the past year, it’s certainly not what Americans going into retirement expected.
You Need Your Money Now More Than Ever
If there were ever a time when you need every penny you’re entitled to, it’s now. That’s why Council of Seniors is urging Congress to pass The SAVE Benefits Act, to give seniors back the $581 they did not received as part of the Social Security cost of living adjustment (COLA.)
The COVID-19 pandemic caused so much change and upheaval, and especially if it had an impact on your finances, you deserve ever single cent you’ve earned over the years. You can support our mission to get this bill passed by signing our petition.
Has your retirement been different than you imagined because of COVID-19? We’d love to hear your thoughts.
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