As the disruptive impacts of the COVID-19 pandemic continue, Americans’ finances are still threatened by unpredictable markets, rising unemployment and economic uncertainty. Employees’ retirement savings plans have taken a hit, and the magnitude of the impact differs based on each individual’s goals and proximity to retirement. Last year, many retirement plan participants reduced—or even completely stopped—saving for retirement to solve short-term cash-flow needs. Others reconsidered their retirement savings investment strategy in response to the economic downturn. Employers can take a number of actions to help employees refocus on retirement saving this year.
In this eBook, you’ll find strategies on:
- Understanding the impact of the Coronavirus Aid, Relief and Economic Security (CARES) Act on retirement plans
- Understanding the impact of the Setting Every Community Up for Retirement Enhancement (SECURE) Act on retirement plans
- Retirement outlook and COVID-19’s impact by generation
- Potential solutions for employers looking to boost retirement savings
