The Way Americans Retire Has Changed Forever. Why Saving a Nest Egg Isn’t Enough.

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About the author: Martin Neil Baily is a senior fellow at the Brookings Institution. He was Chairman of the Council of Economic Advisers under President Clinton. He is the co-author, with Benjamin H. Harris, of The Retirement Challenge: What’s Wrong With America’s System and a Sensible Way to Fix It.

The early stage of the pandemic was especially hard on retirees and those nearing retirement. Families who had saved diligently and invested in the stock market saw their assets plunge. Those who were planning on working a few more years before retiring may have lost their jobs as businesses closed or cut back; older workers in frontline jobs were forced to quit their jobs out of fear of Covid. Despite government support, for millions of older Americans, retirement security became endangered nearly overnight.