21% of Americans Are Less Confident About Retirement Due to the Pandemic

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The coronavirus crisis has had a profound impact on Americans’ long-term financial outlook. Now, 21% of workers say their confidence in being able to retire comfortably has waned since the pandemic began, reports Transamerica. Given that 52% of workers have experienced job loss, furloughs, reduced pay, or early retirement, that’s not shocking. But if you’re feeling less secure about your retirement, here are a few steps to take.

Before you spend too much energy worrying about retirement, first do your best to recover from the events of the past nine months. Figure out how much debt you’ve had to rack up and map out a plan to pay it off. Assess your job prospects if you’re out of work, or concentrate on finding a new position if your pay has been cut and it’s not enough to live on. The early part of the year is actually, generally speaking, a good time to find a new job because it’s when a lot of companies’ budgets renew. Either way, focus on your immediate needs and recovery first so you can approach your retirement planning from a more stable place.

Image source: Getty Images.

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