Managing Retirement Saving Risks

Key Takeaways

• Review your financial strategy with your employee benefit department to ensure you're planning wisely for retirement in light of COVID-19 impacts
• If your nest egg is insufficient, consider working longer to save more and reduce the years you need to fund retirement expenses
• Understand your CARES Act options: withdraw from retirement accounts penalty-free or borrow up to $100,000 from your 401(k), but consult a financial professional first about repayment obligations if you're laid off
• Do not claim Social Security early without talking to a qualified professional—these decisions are generally irrevocable and permanently reduce your benefits
• Evaluate your housing strategy by reviewing refinancing options or reverse mortgages to leverage housing wealth in retirement, and consult professionals to avoid scams and misinformation