The economic aftereffects of the pandemic will be felt long after this is over, and this brings to the fore the need to reassess savings and retirement plans on a war footing. This article addresses all types of retirement planning needs, whether your retirement milestone is a long way ahead or just around the corner. More importantly, it gives insights into adopting a cohesive strategy to mitigate the impact of COVID-19 on your retirement corpus, and touches upon the financial instruments that can help you get back on track for an idyllic retirement.
COVID-19 has had a significant impact on the confidence of consumers, prompting them to reassess their financial and retirement plans. A majority of employees (and retirees) are cautious about saving money for retirement, and this is compounded by market volatility impacting their accumulated savings. Health and financial security have become the two top priorities for individuals during the ongoing pandemic.
The worsening economic situation has also resulted in employees being forced to tap into their retirement savings to remain afloat. Although it may help them tide over these turbulent times, it is certainly going to hurt them in their sunset years. Retirement preparedness has become the need of the hour for many individuals.
Widespread job losses due to the pandemic