The economic turmoil caused by the pandemic has highlighted the need for a retirement savings system overhaul, especially to help those most vulnerable to market volatility, including pre-retirees and retirees reliant on their 401(k) savings.
New research from Prudential took a deep dive into the impact of the pandemic’s effect on the economy and found that those with the least time to recover — employees between the age of 55 and 64 — will likely be the most affected. The research points to the need for retirement savings plans to evolve to address the risks of this population.
