I’ll be the first to admit it. I’m exhausted by COVID-19—just as I’m sure that you are. But, that doesn’t mean you should completely ignore it. If you do, you may not only be putting your physical health in jeopardy but also your financial future.
The pandemic has caused job loss or a reduction in hours. In fact, according to the Congressional Research Service, “The unemployment rate peaked at an unprecedented level, not seen since data collection started in 1948, in April 2020 (14.7 percent) before declining to a still-elevated level in October (6.9 percent).”
Additionally, the fluctuating stock market has devastated retirement plans. Examples would be fewer contributions to 401(k) plans from both employers and workers, retirement accounts losing value, and people having to dip into their savings, IRAs, and 401(k) plans….