How has COVID-19 impacted retirement strategies?

For many Americans, 2020 presented significant financial challenges as sweeping lockdowns led to soaring job losses, and even though some government support was provided to cushion the blow, millions had to adjust their spending behaviors. In April alone, we saw an overall reduction in spending between 20-50% depending on wealth level for both steady earners and retirees. While no one could have predicted how the pandemic would create financial challenges for so many people, the reality is many could have been better prepared if they had budgeted for emergency situations.