Here's What the Average 60-Something Lost in Retirement Plan Value Due to COVID-19
When cases of COVID-19 first started multiplying rapidly in the U.S., the stock market reacted, so much so that it plunged into bear-market territory in mid-March. Since then, stocks have managed to recover some of their value, but the toll on retirement plans is still pretty evident. And while it's disheartening to see a loss in retirement-plan value at any age, it's a downright scary notion for those who are close to ending their careers -- namely, those in their 60s who may only have a couple of years left in the workforce.
Unfortunately, the average retirement plan balance among 60-somethings fell 10.1% from Jan. 31 to March 31 this year, according to Personal Capital. And that puts near-retirees in a pretty precarious spot. If you're in your 60s and have seen a major decline in your retirement plan's value, here are a few important things to do.
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Source Fool.com
