COVID-19 Is Making 51% of Americans Consider This Retirement Change

The COVID-19 crisis is making Americans rethink their retirement plans and alter the way they save for it. Specifically, 14% have decreased their retirement plan contributions, according to a new survey by TD Ameritrade, and 15% have already delayed retirement altogether.

Realizing they may now retire with less money than expected, 51% of Americans are also gearing up to compensate for an income shortfall by looking for a job to hold down during their senior years. And here are a few reasons why it pays to do the same, even if you're not particularly worried about COVID-19's impact.

Being limited to a fixed income could put you in a situation where you have to spend very judiciously. In fact, some seniors are afraid to spend money in retirement, knowing they're out of options for earning more. The beauty of having a job as a senior is that you'll continue boosting your income, paving the way to less financial stress and more flexibility. Rather than be fearful of spending $2,000 on a vacation, for example, you might eagerly book that trip knowing you can always pick up a few more shifts at work in the coming months to compensate.

Source Fool.com