71% of Americans Expect COVID-19 to Impact Their Retirement Plans

71% of Americans Expect COVID-19 to Impact Their Retirement Plans

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COVID-19 has impacted just about every aspect of American life, and that extends all the way into retirement planning. In fact, 71% of U.S. adults expect the pandemic to impact their senior years, according to a new survey by TD Ameritrade, and for 21%, that impact will likely be severe.

Surprisingly, Gen Xers are the ones most likely to indicate that the current crisis will have an extreme impact on their retirement plans. That could be due to the fact that 43% are still in the process of recovering financially from the Great Recession, which ended over a decade ago.

If you’re concerned that COVID-19 will wreak havoc on your retirement plans, there are a few steps you can do to either prevent that from happening or minimize that impact. Here are a few important ones to start with.

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