How COVID-19 will impact retirement in America
SAN DIEGO (KUSI) – A recent survey released by TD Ameritrade shows those close to retirement age have the most to lose – in fact, the survey predicts the pandemic will hurt retirement nest eggs more than the Great Recession, forcing 7 in 10 Americans to dip into their retirement funds, scale back contributions and potentially work longer than expected. Steve Sexton, financial consultant and CEO of Sexton Advisory Group, provides some insight on some ways the pandemic will change how Americans will retire in the next decade.
Financial consultant and CEO of Sexton Advisory Group, Steve Sexton, joined Good Morning San Diego to discuss the coronavirus impact on retirement in America.
“It’s very likely those expecting to retire soon will need to delay their retirement and work a couple more years to make up for the financial loss caused by the pandemic. In an effort to stay on schedule or make ends meet, some people might opt for supplementary income through freelancing or additional part-time jobs,” said Sexton.
Sexton Advisory Group is set to host a virtual Retirement Series that addresses these topics every couple of weeks. The next one is this Thursday, July 9th. It’s completely free, and anyone is welcome to join. If you’re interested in checking it out, go to RetireSmartMag.com to learn more.