Source: Pension Policy International

The COVID-19 pandemic has had an outsize effect on people 50 and older: Not only did it impact older adults’ health more severely than younger ones, but it also forced many into early retirement and prompted others to take withdrawals from their savings earlier than they had planned.

“The prospects of a secure retirement for millions of workers will be even more precarious following the pandemic, and more Americans of all ages will need to rely even more on Social Security’s modest benefits for an even greater portion of their retirement security,” David Certner, legislative counsel and director of legislative policy for government affairs at AARP, told the Senate Committee on Finance on July 28.

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