TOLEDO, Ohio — More than a year and a half after it first began, the effects of the pandemic can still be seen, especially in our wallets. It's been a true wake-up call for those in retirement, living on a fixed budget.
Jeff Smith with RetirementLiving.com says losing income is often more than just a loss of money. It also takes an emotional and psychological toll as people become financially uncertain for the future.
"It's caused people to reevaluate their plans if they were prepared, and for people who weren't as prepared as they should have been, it's caused them to kick their efforts into overdrive."
In fact, RetirementLiving.com found that half of those taking part in a recent survey say they were impacted financially this past year.
"I think that it's safe to say no one was fully prepared for the pandemic," said Smith, "obviously financially, people felt it. I think that that's the thing people think of the most."
Smith says to stretch their savings, some people should consider scaling down retirement plans and living more conservatively.
What began as a traditional retirement for Boomers has become less common for Gen-X who want the option of continuing to work but not necessarily having to.
"For many retirees, a part-time job is becoming more normal in retirement. But it's not the lifestyle that you expected to have in retirement that was common 50 years ago."
A change in lifestyle and extra work aside, retirees should consider investing more, take a hard look at what they're spending each month, and basically just save, save, save.
"Those who are predisposed to save, I think, increased their savings to prepare for another instance like this. And for those who aren't likely to save, the pandemic should serve as a wake-up call and encourage them to save."
If you're one of those people not yet retired but looking to do so soon.
Financial experts say keep doing what you're doing and make regular contributions to retirement accounts.