{"id":293,"date":"2020-06-08T17:36:00","date_gmt":"2020-06-08T17:36:00","guid":{"rendered":"https:\/\/www.simplywise.com\/blog-2023\/?p=293"},"modified":"2023-06-22T19:54:37","modified_gmt":"2023-06-22T19:54:37","slug":"a-guide-to-retirement-during-covid-19","status":"publish","type":"post","link":"https:\/\/www.simplywise.com\/blog\/a-guide-to-retirement-during-covid-19\/","title":{"rendered":"A guide to retirement during COVID-19"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"293\" class=\"elementor elementor-293\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6704dcf elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6704dcf\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-de71f96\" data-id=\"de71f96\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-819bd96 elementor-widget elementor-widget-template\" data-id=\"819bd96\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"section\" data-elementor-id=\"196\" class=\"elementor elementor-196\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-339b45e0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"339b45e0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3f771e94\" data-id=\"3f771e94\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44435407 elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"44435407\" data-element_type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<link rel=\"stylesheet\" href=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/elementor\/css\/custom-pro-widget-call-to-action.min.css?ver=1764022918\">\t\t<a class=\"elementor-cta\" href=\"https:\/\/simplywise.app.link\/Iv0wVANrvfb\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-content-item elementor-cta__content-item elementor-icon-wrapper elementor-cta__icon elementor-view-default\">\n\t\t\t\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-lightbulb\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<h2 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">DID YOU KNOW?<\/h2>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tRetirement is 99% easier when your paperwork is organized. \n\nJoin 250,000+ Americans securely storing their important receipts, bills &amp; documents with the SimplyWise app.\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<span class=\"elementor-cta__button elementor-button elementor-size-md\">\n\t\t\t\t\t\tGet the App\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7ce6221 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"7ce6221\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-6e20d9f\" data-id=\"6e20d9f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-494dac6 elementor-widget elementor-widget-text-editor\" data-id=\"494dac6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.3 - 28-05-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>The COVID-19 pandemic has deeply impacted the global economy, and it\u2019s being felt on a very personal level by millions who\u2019ve lost their jobs, their businesses and their savings. But people at or near retirement age may be hit especially hard. If you are in this group \u2014 and especially if you\u2019ve been recently laid off or furloughed \u2014 you may be struggling to figure out when or even if you may be able to retire.<\/p><p>We\u2019ve pulled together some resources and action plans for many different economic scenarios for people who are retired or hope to be soon. Let\u2019s start with Social Security benefits and how they may be affected.<\/p><h3><b>The future of your Social Security benefits<\/b><\/h3><p>The impact the pandemic will have on Social Security benefits really depends on when you will be claiming them.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-30f6cf2 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"30f6cf2\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-1a4a878\" data-id=\"1a4a878\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-653bfb0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"653bfb0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-35d4f15\" data-id=\"35d4f15\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-a884f92 elementor-widget elementor-widget-image\" data-id=\"a884f92\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.13.3 - 28-05-2023 *\/\n.elementor-widget-image{text-align:center}.elementor-widget-image a{display:inline-block}.elementor-widget-image a img[src$=\".svg\"]{width:48px}.elementor-widget-image img{vertical-align:middle;display:inline-block}<\/style>\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"533\" src=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-15-at-12.42.13-PM.png\" class=\"attachment-large size-large wp-image-296\" alt=\"\" srcset=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-15-at-12.42.13-PM.png 682w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-15-at-12.42.13-PM-300x250.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-a73e89b\" data-id=\"a73e89b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c03eec2 elementor-widget elementor-widget-text-editor\" data-id=\"c03eec2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h4><b>Current retirees receiving Social Security benefits<\/b><\/h4><p>Your benefits will not be impacted by the pandemic, now or in the future, unless Social Security funds are depleted more quickly than expected.\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/the-future-of-social-security\/\">Current projections indicate<\/a>\u00a0that the trust funds that disburse retirement, disability and other Social Security benefits will be depleted by 2035 without Congressional action.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6caa1f3 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6caa1f3\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fc6af54\" data-id=\"fc6af54\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1a9a8da elementor-widget elementor-widget-text-editor\" data-id=\"1a9a8da\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h4><b>Current retirees not receiving Social Security benefits<\/b><\/h4><p>If you are eligible for Social Security retirement benefits (age 62 or older), you may want to consider taking them now to fill any gaps in your nest egg left by investment losses during the market downturn. It\u2019s important to understand\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/what-is-full-retirement-age-for-social-security\/\">how your age will impact your benefits<\/a>, though, as well as other forms of income.\u00a0<\/p><h4><b>Retirement age individuals who are still working<\/b><\/h4><p>If you\u2019re over age 62 and still working, it doesn\u2019t mean you can\u2019t take retirement benefits. Keep in mind, though, that\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/work-and-maximize-ss-benefits\/\">Social Security may reduce the benefit amount it pays you based on your wages made from a job<\/a>\u00a0(or net profit if you\u2019re self-employed) bonuses, commissions, and vacation pay. They do not count pensions, annuities, investment income, interest, or veterans or other government or military retirement benefits.<\/p><h4><b>Near-retirees who are still employed<\/b><\/h4><p>If you\u2019re turning 60 this year, your Social Security benefits may be hit especially hard, according to a\u00a0<a href=\"https:\/\/repository.upenn.edu\/cgi\/viewcontent.cgi?article=1677&amp;context=prc_papers\">recent working paper<\/a>\u00a0for the Wharton Pension Research Council.<\/p><p>The author of that paper, Andrew Biggs, a former principal deputy commissioner of the Social Security Administration, and an American Enterprise Institute resident scholar, found that median income workers turning 60 this year will lose $2,511 annually. And that\u2019s if they wait until the full retirement age of 67 to take their benefits. That\u2019s a loss of $45,859 in total retirement benefits over an 18-year period.<\/p><p>On top of that, the Consumer Price Index (CPI) for 2020 will likely be low or even negative. That will result in no cost of living increase (COLA) for Social Security benefit recipients in 2021.<\/p><p>Depending on how the economy fares over the next couple of years and how protracted the impact of the coronavirus is on global markets, those turning 60 over the next few years may also be impacted, and for the same reasons.<\/p><p>Knowing your options is key to ensuring you maximize your benefit amount. As we explain in our\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/social-security-retirement-benefits\/\">guide to Social Security benefits<\/a>, beneficiaries are rewarded with a larger monthly payment for every month they wait after turning 62 and until age 70.<\/p><h4>Near-retirees who have been furloughed or laid off<\/h4><p>If you are 55 or older and haven\u2019t been furloughed or laid off, you may be wondering if you need to delay retirement due to the impact the pandemic has had on markets, your 401(k) and possibly even your future earning power.<\/p><p>You\u2019re not alone. Even before the pandemic, more and more retirement-age workers in recent years have continued to work full- or part-time. In fact, a poll from\u00a0The Associated Press-NORC Center for Public Affairs Research, found that 23% of workers said they don\u2019t expect to stop working ever. And new statistics show that people above the age of 65 are already working at all-time high rates since record keeping began. The\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/retirement-confidence-index\/\">May 2020 Retirement Confidence Index<\/a>\u00a0found that 67% of people today plan to continue working in retirement.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-d993b26 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"d993b26\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-f43eb9b\" data-id=\"f43eb9b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-84ae769 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"84ae769\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-677d51b\" data-id=\"677d51b\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-48482fb elementor-widget elementor-widget-text-editor\" data-id=\"48482fb\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Reviewing your investment accounts, your 401(k), any pension plans and your projected Social Security retirement benefits is an important first step in determining what steps you can take to shore up your savings and at\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/social-security-benefits-by-age\/\">what age it would be best to claim your Social Security benefits<\/a>.<\/p><h3>Other retirement funds &amp; investments<\/h3><p>Depending on your age and employment status, investment losses due to COVID-19 may impact your retirement significantly, or barely at all.\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-13f97c9\" data-id=\"13f97c9\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e2aae85 elementor-widget elementor-widget-image\" data-id=\"e2aae85\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"493\" src=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-15-at-12.43.31-PM.png\" class=\"attachment-large size-large wp-image-297\" alt=\"\" srcset=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-15-at-12.43.31-PM.png 687w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-15-at-12.43.31-PM-300x231.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-6ea6144 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"6ea6144\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-31bf3d7\" data-id=\"31bf3d7\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8769ca2 elementor-widget elementor-widget-text-editor\" data-id=\"8769ca2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h4>Review your plan &amp; investments<\/h4><p>While current retirees\u2019 Social Security benefits won\u2019t be negatively impacted by the pandemic, your personal investments may have taken a hit from the related market downturn. And while the market has made a surprising comeback, particularly in light of American political and social unrest, roughly two years of gains have been shaved off, meaning you could be worrying about how long your nest egg will last.<\/p><p>While you can\u2019t control the markets, you can be strategic about your portfolio and your monthly income plan whether you are currently retired, nearing retirement or plan to work for many more years.\u00a0Read our guide on\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/stay-smart-with-retirement-savings-during-coronavirus\/\">how to stay smart with retirement savings during COVID-19<\/a>.<\/p><p>Reviewing your investments and overall retirement plan with your financial advisor is a good idea if you have one. The folks at\u00a0<a href=\"https:\/\/www.fidelity.com\/learning-center\/personal-finance\/retirement\/retirement-and-market-volatility\">Fidelity offer the following advice<\/a>:<\/p><ul><li>Look at cash before selling securities<\/li><li>Reconsider Social Security if you aren\u2019t already taking it<\/li><li>Be strategic and tax smart if you do need to sell<\/li><\/ul><div>\u00a0<\/div><h4>Understand how withdrawals will work<\/h4><p>Also, keep in mind that\u00a0the CARES Act allows you to withdraw up to $100,000 from retirement accounts without paying the standard 10% penalty, regardless of your age. But, you can only do this if you have something called a \u201ccoronavirus related distribution.\u201d<\/p><p>Here\u2019s\u00a0<a href=\"https:\/\/www.irs.gov\/newsroom\/coronavirus-related-relief-for-retirement-plans-and-iras-questions-and-answers\">guidance from the IRS<\/a>\u00a0on how to take a coronavirus related distribution.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1fd90cd elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1fd90cd\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3e5b6fa\" data-id=\"3e5b6fa\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-698afe7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"698afe7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-7356c0e\" data-id=\"7356c0e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-0719358 elementor-widget elementor-widget-image\" data-id=\"0719358\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"508\" src=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-15-at-12.44.51-PM.png\" class=\"attachment-large size-large wp-image-298\" alt=\"\" srcset=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-15-at-12.44.51-PM.png 674w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-15-at-12.44.51-PM-300x238.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-d18e5e1\" data-id=\"d18e5e1\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-11c3dc6 elementor-widget elementor-widget-text-editor\" data-id=\"11c3dc6\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<h3>Get assistance paying bills.<\/h3><p>Many people are hurting financially due to the pandemic. In fact,\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/new-study-63-of-americans-will-need-another-stimulus-check-within-3-months\/\">a recent survey<\/a>\u00a0found that 63% of Americans will need another round of stimulus within the coming couple of months.<\/p><p>Regardless of your retirement status, or even employment status, if you\u2019ve been financially impacted by the pandemic, you may be eligible for relief regarding your monthly bills, including your auto,\u00a0<a href=\"https:\/\/www.jvmlending.com\/a-senior-citizens-guide-to-home-loans-and-reverse-mortgages\/\" target=\"_blank\" rel=\"noopener\">mortgage<\/a>\u00a0and rent payments.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-b0d5fbf elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b0d5fbf\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4c16580\" data-id=\"4c16580\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-43c98cf elementor-widget elementor-widget-text-editor\" data-id=\"43c98cf\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<p>Beyond the stimulus checks and business grants provided through the CARES Act, many utility companies, lenders and even private landlords are offering reduced or delayed payments. If you are struggling to pay your monthly bills, it\u2019s important to get in front of the issue and reach out to the companies and individuals you may owe to discuss what your options are.\u00a0<\/p><p>For example:<\/p><ul><li>Payments have been suspended for federal student loan borrowers until Sept. 30<\/li><li>Many credit card companies are offering leniency when it comes to monthly payments<\/li><li>Many mortgage lenders are offering forbearance or other types of relief for borrowers<\/li><\/ul><div>\u00a0<\/div><p>The most important thing for you to do if you can\u2019t make a payment is to get in touch with the company as soon as possible and work out an agreement.\u00a0<\/p><h3>Understand your health care options<\/h3><p>Unless your insurance status has recently changed, COVID-19 shouldn\u2019t have an impact on your health care coverage. That is true whether you are uninsured, have Medicare, a job-based plan or coverage through the health care marketplace.<\/p><p>If your coverage status has changed \u2014 especially if you lost an employer-based plan due to layoffs \u2014 you may be wondering what your coverage options are. According to HealthCare.gov:<\/p><ul><li><b>If you lost your job-based health plan:<\/b>\u00a0You may qualify for a Special Enrollment Period if you lost health coverage through your employer or the employer of a family member\u00a0<b>in the past 60 days<\/b>\u00a0OR you expect to lose coverage\u00a0<b>in the next 60 days<\/b>, including if you lose health coverage through a parent or guardian because you\u2019re no longer a dependent.\u00a0<b>Note:<\/b>\u00a0Losing coverage you have as a dependent doesn\u2019t qualify you for a Special Enrollment Period if you voluntarily drop the coverage. You also don\u2019t qualify if you or your family member loses coverage because you don\u2019t pay your premium.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-4871ad7 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4871ad7\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-fea5cc0\" data-id=\"fea5cc0\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-inner-section elementor-element elementor-element-4908df6 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"4908df6\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-de7b5f2\" data-id=\"de7b5f2\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-57bb218 elementor-widget elementor-widget-text-editor\" data-id=\"57bb218\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><b>If your employer reduced the hours you work and you\u2019re enrolled in a Marketplace plan:<\/b>\u00a0Update your application immediately within\u00a0<b>30 days<\/b>\u00a0to report any household income changes. You may qualify for more savings than you\u2019re getting now.\u00a0<a href=\"https:\/\/www.healthcare.gov\/reporting-changes\/\">Learn how to report changes<\/a>.<\/li><li><b>If you were furloughed:<\/b>\u00a0In some situations depending on the status of your health coverage from your employer, you may qualify for a Special Enrollment Period. You may be eligible for a premium tax credit to help pay for Marketplace coverage too.\u00a0<a href=\"https:\/\/www.healthcare.gov\/create-account\">Create an account<\/a>\u00a0or\u00a0<a href=\"https:\/\/www.healthcare.gov\/login\">log in<\/a>\u00a0to start your Marketplace application to find out if you qualify.<\/li><\/ul>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-50 elementor-inner-column elementor-element elementor-element-59be451\" data-id=\"59be451\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-352dbee elementor-widget elementor-widget-image\" data-id=\"352dbee\" data-element_type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"503\" src=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-15-at-12.46.18-PM.png\" class=\"attachment-large size-large wp-image-299\" alt=\"\" srcset=\"https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-15-at-12.46.18-PM.png 676w, https:\/\/www.simplywise.com\/blog\/wp-content\/uploads\/2020\/06\/Screen-Shot-2023-06-15-at-12.46.18-PM-300x236.png 300w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-1f817af elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"1f817af\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a3ef68a\" data-id=\"a3ef68a\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-8dd568e elementor-widget elementor-widget-text-editor\" data-id=\"8dd568e\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul><li><b>If you have COBRA continuation coverage:<\/b><ul><li>If you\u2019re entitled to COBRA continuation coverage after you lost your job-based coverage, you may still qualify for a Special Enrollment Period due to loss of coverage. You have\u00a0<b>60 days<\/b>\u00a0after your loss of pre-COBRA job-based coverage to enroll in Marketplace coverage. You may also qualify for premium tax credits if you end your COBRA continuation coverage.<\/li><li>If you\u2019re enrolled in COBRA continuation coverage, you may qualify for a Special Enrollment Period if your COBRA continuation coverage costs change because your former employer stopped contributing, so you have to pay full cost.\u00a0<a href=\"https:\/\/www.healthcare.gov\/unemployed\/cobra-coverage\">Learn more about COBRA continuation coverage and the Marketplace<\/a>.<\/li><\/ul><\/li><li><b>If you lost your job, but didn\u2019t also lose health coverage, because your former job didn\u2019t offer coverage:<\/b>\u00a0You generally won\u2019t qualify for a Special Enrollment Period. By itself, a job loss (or a change in income) doesn\u2019t make you eligible for a Special Enrollment Period to enroll in Marketplace coverage.\u00a0<a href=\"https:\/\/www.healthcare.gov\/screener\">See if you qualify for a Special Enrollment Period another way<\/a>.<\/li><\/ul><h3>\u00a0<\/h3><h3><b>Stay safe &amp; stay focused<\/b><\/h3><p>With today\u2019s uncertainty, it\u2019s understandable to feel overwhelmed when it comes to thinking about the future.\u00a0 But as the COVID-19 pandemic has impacted the way we live our day-to-day lives, the way we think about Social Security and its place in our retirement is also having to shift. But to ensure your retirement and your personal security is protected, it\u2019s now more important than ever to understand the changes happening with the SSA and what it means for your retirement.\u00a0\u00a0<\/p><p>Today, Social Security is operating at full capacity (despite SSA employees largely working from their homes) and the pandemic has not affected the typical dispersal of benefits. But if things continue, and as the SSA\u2019s funds dwindle, the structure of Social Security payments could change dramatically.\u00a0<\/p><p>For those currently on Social Security benefits, ensure you use trusted sources to get information about field office closings and re-openings, as well as any changes to benefits. Beware any fraudsters who may call with information about your stimulus check or Social Security benefits. When in doubt, hang up. And if you do decide to tap a retirement account, ensure you are educated about the tax implications.\u00a0<\/p><p>For those eligible but not yet on Social Security \u2013 while we don\u2019t necessarily recommend taking benefits earlier \u2013 this is a good time to consider how to maximize your benefits. That means understanding and calculating what your options are for earned benefits,\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/guide-to-social-security-spousal-benefits\/\">spousal benefits<\/a>\u00a0and\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/guide-to-social-security-and-death\/\">survivor benefits<\/a>. One of the best ways to see what you\u2019re owed is to use an\u00a0\u00a0<a href=\"https:\/\/www.simplywise.com\/socialsecurity\" target=\"_blank\" rel=\"noopener\" data-wplink-edit=\"true\">online Social Security calculator<\/a>.\u00a0<\/p><p>Finally, for everyone today, remember to\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/coronavirus-cabin-fever\/\">stay positive and take care of yourself<\/a>. This time at home is the perfect moment to\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/social-security-retirement-benefits\/\">educate yourself about your Social Security<\/a>\u00a0options\u00a0and\u00a0<a href=\"https:\/\/www.simplywise.com\/blog\/social-security-checklist\/\">plan for your future<\/a>. Staying informed, aware, and empathetic is critical to making it through the crisis and keeping your financial life on track.<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-08aaf45 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"08aaf45\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-a037120\" data-id=\"a037120\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-64f0bba elementor-widget elementor-widget-template\" data-id=\"64f0bba\" data-element_type=\"widget\" data-widget_type=\"template.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<div class=\"elementor-template\">\n\t\t\t\t\t<div data-elementor-type=\"section\" data-elementor-id=\"196\" class=\"elementor elementor-196\">\n\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-339b45e0 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"339b45e0\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3f771e94\" data-id=\"3f771e94\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-44435407 elementor-cta--skin-classic elementor-animated-content elementor-bg-transform elementor-bg-transform-zoom-in elementor-widget elementor-widget-call-to-action\" data-id=\"44435407\" data-element_type=\"widget\" data-widget_type=\"call-to-action.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<a class=\"elementor-cta\" href=\"https:\/\/simplywise.app.link\/Iv0wVANrvfb\">\n\t\t\t\t\t\t\t<div class=\"elementor-cta__content\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-content-item elementor-cta__content-item elementor-icon-wrapper elementor-cta__icon elementor-view-default\">\n\t\t\t\t\t\t<div class=\"elementor-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"far fa-lightbulb\"><\/i>\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t<h2 class=\"elementor-cta__title elementor-cta__content-item elementor-content-item\">DID YOU KNOW?<\/h2>\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__description elementor-cta__content-item elementor-content-item\">\n\t\t\t\t\t\tRetirement is 99% easier when your paperwork is organized. \n\nJoin 250,000+ Americans securely storing their important receipts, bills &amp; documents with the SimplyWise app.\t\t\t\t\t<\/div>\n\t\t\t\t\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-cta__button-wrapper elementor-cta__content-item elementor-content-item \">\n\t\t\t\t\t<span class=\"elementor-cta__button elementor-button elementor-size-md\">\n\t\t\t\t\t\tGet the App\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>The COVID-19 pandemic has deeply impacted the global economy, and it\u2019s being felt on a very personal level by millions who\u2019ve lost their jobs, their businesses and their savings. But people at or near retirement age may be hit especially hard. If you are in this group \u2014 and especially if you\u2019ve been recently laid [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":294,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>A guide to retirement during COVID-19 - SimplyWise Cost Estimator<\/title>\n<meta name=\"description\" content=\"COVID-19 has deeply impacted the global economy, particularly those at or near retirement. We\u2019ve pulled together some resources and action plans...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.simplywise.com\/blog\/a-guide-to-retirement-during-covid-19\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"A guide to retirement during COVID-19 - SimplyWise Cost Estimator\" \/>\n<meta property=\"og:description\" content=\"COVID-19 has deeply impacted the global economy, particularly those at or near retirement. 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