This article describes how the decline in the financial markets due to the Coronavirus Pandemic is impacting people who are either close to retirement or are already retired.
“For older people, the coronavirus crisis has been an appalling shock. Many can’t travel or see grandchildren. Even buying groceries is a risk. Their life savings are melting as the global economy shuts down and financial markets plummet. The pain may be particularly acute in the U.S., where Americans rely on a retirement system that was broken well before a pandemic dashed it to pieces.”
“Almost half of U.S. households 55 and older have nothing saved for retirement. Many of the rest were already doing worse than earlier waves of retirees. After a 40-year-long shift from traditional pensions to individual 401(k) retirement accounts, Americans’ financial security is now defenseless against whatever crisis comes along.”
“Most people can’t save enough individually to protect themselves from bad luck, whether that’s a job loss or a global financial collapse. ‘The 401(k)-based system is woefully inadequate for protecting workers from these sorts of shocks,’ says Nari Rhee, director of the Retirement Security Program at the University of California at Berkeley’s Center for Labor Research & Education. ‘No individual can do it alone.'”
I offer Financial Therapy to individuals and couples via secure online video sessions during the Coronavirus Pandemic. Clients have an opportunity to process their distress and difficult emotions using Brainspotting therapy which works well in online format. Text me at 503-770-0810 or book your free consultation here to discuss how I can be of help.