Readying For Retirement In A Recession
Encountering a recession right before retirement can be anxiety-inducing for anyone. With market conditions taking on a disproportionate significance in the five years immediately prior to and following an exit from the workforce, it’s no surprise that this period is known as the “fragile decade.”
The current downturn caused by the COVID-19 pandemic has added layers of challenges for savers approaching retirement. Between job concerns, a volatile stock market and no clear insight into when normalcy could return, near-retirees are currently facing a heavy fog of uncertainty.
Unfortunately, notwithstanding the pandemic, recent data has only underscored how the near-retiree demographic is, on the whole, lacking when it comes to retirement planning. According to the 2020 Retirement Income Literacy Survey from The American College of Financial