COVID-19 puts Americans out of work and their retirements at risk

Millions of Americans have lost their jobs due to the coronavirus pandemic and that has a direct impact on their 401(k) or 403(b) retirement savings. “The country has been leveled by the COVID-19 pandemic,” wrote researchers at the Center for Retirement Research at Boston College. “Hence, the most pressing question at the moment is how retirement security has been affected by the virus and the shutdown of the economy. This crisis will affect retirement security in a very different way than the Great Recession because the destruction is occurring more through widespread unemployment and less through a collapse in the value of financial assets and housing.”