Here are some ideas on how to catch up on retirement savings after the pandemic.
“Take care of yourself, and if you don’t already have a good support system, develop one,” Joni Ratts said.Credit.Jenna Schoenefeld for The New York Times
May 11, 2021
For millions of retirement savers, the pandemic was a gut punch. There was the jarring stock market drop in March 2020, then millions lost their jobs, health insurance and ability to fund their savings.
The pandemic stymied adults who hadn’t started saving for retirement, the number of workers taking withdrawals from their 401(k)s last year jumped, and some companies cut their 401(k) matching contributions.
7 Steps to Take Now to Catch Up on Retirement Savings
Even if your finances weren’t devastated by the pandemic recession, many Americans have not yet started saving. Here’s what you can do.
Joni Ratts at her home in Nipomo, Calif. Ms. Ratts needed to reorganize her finances after a difficult divorce. Credit.Jenna Schoenefeld for The New York Times
By John F. Wasik
May 8, 2021, 5:00 a.m. ET
For millions of retirement savers, the pandemic was a gut punch. There was the jarring stock market drop in March 2020, then millions lost their jobs, health insurance and ability to fund their savings. It was a financial catastrophe for many Americans and they may not recover for years.