- June 18, 2021
- Posted by: Stratford Team
- Category: Business
Phil Blancato on how to financially prepare for the future.
The coronavirus pandemic destroyed retirement plans for millions of Americans, many of whom tapped into savings accounts earlier than expected as the crisis forced an unprecedented shutdown of the nation’s economy.
While most Americans expect to retire around age 66, a new study published by Real Estate Witch this week found that some 40% of baby boomers had put their retirement plans on hold due to the pandemic.
About 35% of survey respondents said they tapped their retirement savings in order to make ends meet during the pandemic, spending roughly 44% of what they had squirreled away. Boomers said they spent slightly more, reporting that 46% of their savings had been used during the pandemic.
SOCIAL SECURITY COST-OF-LIVING ADJUSTMENT COULD BE HIGHEST IN 13 YEARS AMID INFLATION SURGE
“Boomers who plan to retire within the next decade face the steep challenge of making up for severe…
