The Pandemic Changed Many Things - Including our Priorities
The world will never go back to exactly what it was before the pandemic. I think most of us agree on that. And a lot has changed - including some for the better.
The Center for a Secure Retirement came out with a study showing how the pandemic has impacted Baby Boomers finances and their priorities in life.
Here are some of the highlights:
Financially, the pandemic has been a nightmare for most people. Businesses have closed and jobs have been lost. The study showed that 75% of us have not been able to save as much as we were pre-pandemic. Six out of ten people have put off moving. And just more than half of us have reevaluated finances and expenses for retirement.
For those of us who are still working, almost half said they now need to do a complete overhaul on their retirement plans. The main concern though, didn't change. We still all want to have enough money to retire and live comfortably.
But there is good news! The pandemic gave us time to look at how we were using our time. We missed out on a LOT! Going to retaurants, parties, family get-togethers, travel - all were put on hold. And we started to miss and value those things more.
The study found that these topped the list as non-negotiables:
- Spending lots of time with family - 43%
- Maintaining financial stability and independence - 35%
- Keeping up with an active lifestyle - 34%
- Traveling - 30%
- Living close to friends and family - 25%
Absence makes the heart grow fonder - so perhaps losing these things - for a time - brought their real value into focus. Hope so!