Managing retirement planning during the pandemic

From job layoffs, furloughs and shuttered businesses—the COVID-19 pandemic has undoubtedly impacted our economy, forcing many to make the hard decision about whether or not to dip into their retirement savings to pay the bills and put food on the table. Research found three in 10 Americans withdrew money from their retirement savings and 27% of Americans have decreased the amount of money they are setting aside for retirement savings or stopped saving for retirement altogether.

What to do when government funds run out

While some companies, have seen their operations and bottom line grow, others have faced significant challenges. Some of the challenges brought on by the pandemic were eased with government stimulus funds provided by the CARES Act, but that cash injection is likely dwindling at this point and there’s no additional wave of funds projected to be released in the near future – which begs the question, what should business owners do as government funds draw down and eventually disappear?