68% of Americans Aren't Preparing for This Huge Financial Setback

Many people spend years, if not decades, planning for retirement and saving for that milestone. But not everyone's plans come to fruition.

The COVID-19 crisis has taught us that the hard way. Millions of Americans have lost their jobs in the course of the pandemic, and that includes a large percentage of older workers who may be forced into early retirement as a result.

In fact, it's estimated that 48% of Americans wind up leaving the workforce at an earlier date than anticipated, and the COVID-19 crisis could cause that number to climb. Unfortunately, only 32% of workers have a backup plan in case forced early retirement becomes their reality, according to a recent Transamerica survey.

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Source Fool.com