10 Tips to Get Your Retirement Savings Back on Track After the COVID-19 Pandemic

The pandemic had a huge impact on the retirement savings efforts of millions of Americans. But don’t despair—it’s still possible to recover. Rebalance’s Christie Whitney talks to Real Simple about how retirement savers can get their nest egg back on track after a tumultuous year.

The pandemic interrupted life as we know it on many levels, including bringing a halt to the retirement savings contributions of millions of Americans who suddenly found themselves out of work or at the very least, living on reduced income.

A UBS survey conducted in January found this is particularly true for women—one in four female respondents are delaying retirement plans due to pandemic-driven financial hurdles.

But this is hardly a challenge exclusive to women. A recent Pew center study revealed that about half of non-retired adults say the economic impact of the coronavirus outbreak will make it harder for them to achieve their long-term financial goals.

For instance, about a quarter of U.S. adults age 50 and older expect the coronavirus outbreak to affect their ability to retire. This includes 7 percent who say they have already delayed their retirement and an additional 17 percent think they might have to delay it. The numbers are worse for those who were laid off or took a pay cut amid the pandemic: more than four in 10 (46 percent) say they either have already delayed or think they may have to delay their retirement.