--- title: How COVID-19 Could Impact Retirement | Chandler & Knowles description: There are few things that COVID-19 hasn't impacted, and retirement is no different. Find out how this pandemic could impact your retirement. image: https://blog.chandlerknowlescpa.com/hubfs/Inline%20Blog%20Images%20(74).png --- [![Chandler & Knowles, CPA](https://blog.chandlerknowlescpa.com/hubfs/Chandlerknowlescpa_January2018%20Theme/Images/chandler-knowles-logo-updated.png)](https://www.chandlerknowlescpa.com) - [Home](https://www.chandlerknowlescpa.com/) - [About](https://www.chandlerknowlescpa.com/about/) - [Case Studies](https://www.chandlerknowlescpa.com/case-studies/) - [Testimonials](https://www.chandlerknowlescpa.com/client-testimonials/) - [Services](https://www.chandlerknowlescpa.com/services/) - [Individual Tax Preparation](https://www.chandlerknowlescpa.com/services/tax-preparation/) - [Advanced Tax Planning](https://www.chandlerknowlescpa.com/services/advanced-tax-planning/) - [Financial Planning](https://www.chandlerknowlescpa.com/services/financial-planning/) - [Risk Assessment](https://www.chandlerknowlescpa.com/services/insurance-risk-assessment/) - [Business Structure & Entity Selection](https://www.chandlerknowlescpa.com/services/business-structure-and-entity-selection/) - [Business Accounting](https://www.chandlerknowlescpa.com/services/business-accounting/) - [Business Consulting](https://www.chandlerknowlescpa.com/services/business-consulting/) - [Business Tax Planning](https://www.chandlerknowlescpa.com/services/business-tax-planning/) - [Payroll Administration](https://www.chandlerknowlescpa.com/services/payroll-administration/) - [Tax Return Review](https://www.chandlerknowlescpa.com/services/tax-return-review-services/) - [Industries](https://www.chandlerknowlescpa.com/industries/) - [Physicians](https://www.chandlerknowlescpa.com/industries/physicians/) - [Dentists](https://www.chandlerknowlescpa.com/industries/dentists/) - [Small Business](https://www.chandlerknowlescpa.com/industries/small-business/) - [Real Estate](https://www.chandlerknowlescpa.com/industries/real-estate/) - [Veterinarians](https://www.chandlerknowlescpa.com/industries/veterinarians/) - [Attorneys](https://www.chandlerknowlescpa.com/industries/attorney-and-law-firms/) - [High Net Worth Individuals](https://www.chandlerknowlescpa.com/industries/high-net-worth-individuals/) - [Clients](https://www.chandlerknowlescpa.com/clients/) - [Make a Payment](https://www.chandlerknowlescpa.com/clients/payments/) - [Recommend Us](https://www.chandlerknowlescpa.com/clients/client-recommendation-program/) - [Submit Review](https://www.chandlerknowlescpa.com/clients/submit-a-review/) - [View Our Newsletter](https://www.chandlerknowlescpa.com/clients/view-our-newsletter/) - [Send Us Your Documents](https://www.chandlerknowlescpa.com/clients/client-secure-document-portal-2/) - [Resources](https://www.chandlerknowlescpa.com/resources/) - [Client Resources](https://www.chandlerknowlescpa.com/resources/client-resources/) - [Retirement Resources](https://www.chandlerknowlescpa.com/resources/retirement-resources/) - [Video Library](https://www.chandlerknowlescpa.com/video-library/) - [Blog](https://www.blog.chandlerknowlescpa.com) - [Locations](https://www.chandlerknowlescpa.com/locations/) - [Flower Mound, TX](https://www.chandlerknowlescpa.com/locations/flower-mound-tx-cpa/) - [Areas Served](https://www.chandlerknowlescpa.com/areas-served/) - [Dallas, TX](https://www.chandlerknowlescpa.com/areas-served/dallas-tx/) - [Plano, TX](https://www.chandlerknowlescpa.com/areas-served/plano-tx/) - [Nationwide](https://www.chandlerknowlescpa.com/areas-served/nationwide-cpa-services/) - [Contact](https://www.chandlerknowlescpa.com/contact-us/) [![Chandler & Knowles, CPA](https://blog.chandlerknowlescpa.com/hubfs/Chandlerknowlescpa_January2018%20Theme/Images/chandler-knowles-logo-updated.png)](https://www.chandlerknowlescpa.com) [![Client Portal Login](https://blog.chandlerknowlescpa.com/hubfs/Chandlerknowlescpa_January2018%20Theme/Images/client-portal-login-2.png)](https://chandlerknowlescpa.smartvault.com) Knowledge, Experience, Commitment **Give Us a Call Today: (817) 369-3681** - [Home](https://www.chandlerknowlescpa.com/) - [About](https://www.chandlerknowlescpa.com/about/) - [Case Studies](https://www.chandlerknowlescpa.com/case-studies/) - [Testimonials](https://www.chandlerknowlescpa.com/client-testimonials/) - [Services](https://www.chandlerknowlescpa.com/services/) - [Individual Tax Preparation](https://www.chandlerknowlescpa.com/services/tax-preparation/) - [Advanced Tax Planning](https://www.chandlerknowlescpa.com/services/advanced-tax-planning/) - [Financial Planning](https://www.chandlerknowlescpa.com/services/financial-planning/) - [Risk Assessment](https://www.chandlerknowlescpa.com/services/insurance-risk-assessment/) - [Business Structure & Entity Selection](https://www.chandlerknowlescpa.com/services/business-structure-and-entity-selection/) - [Business Accounting](https://www.chandlerknowlescpa.com/services/business-accounting/) - [Business Consulting](https://www.chandlerknowlescpa.com/services/business-consulting/) - [Business Tax Planning](https://www.chandlerknowlescpa.com/services/business-tax-planning/) - [Payroll Administration](https://www.chandlerknowlescpa.com/services/payroll-administration/) - [Tax Return Review](https://www.chandlerknowlescpa.com/services/tax-return-review-services/) - [Industries](https://www.chandlerknowlescpa.com/industries/) - [Physicians](https://www.chandlerknowlescpa.com/industries/physicians/) - [Dentists](https://www.chandlerknowlescpa.com/industries/dentists/) - [Small Business](https://www.chandlerknowlescpa.com/industries/small-business/) - [Real Estate](https://www.chandlerknowlescpa.com/industries/real-estate/) - [Veterinarians](https://www.chandlerknowlescpa.com/industries/veterinarians/) - [Attorneys](https://www.chandlerknowlescpa.com/industries/attorney-and-law-firms/) - [High Net Worth Individuals](https://www.chandlerknowlescpa.com/industries/high-net-worth-individuals/) - [Clients](https://www.chandlerknowlescpa.com/clients/) - [Make a Payment](https://www.chandlerknowlescpa.com/clients/payments/) - [Recommend Us](https://www.chandlerknowlescpa.com/clients/client-recommendation-program/) - [Submit Review](https://www.chandlerknowlescpa.com/clients/submit-a-review/) - [View Our Newsletter](https://www.chandlerknowlescpa.com/clients/view-our-newsletter/) - [Send Us Your Documents](https://www.chandlerknowlescpa.com/clients/client-secure-document-portal-2/) - [Resources](https://www.chandlerknowlescpa.com/resources/) - [Client Resources](https://www.chandlerknowlescpa.com/resources/client-resources/) - [Retirement Resources](https://www.chandlerknowlescpa.com/resources/retirement-resources/) - [Video Library](https://www.chandlerknowlescpa.com/video-library/) - [Blog](https://www.blog.chandlerknowlescpa.com) - [Locations](https://www.chandlerknowlescpa.com/locations/) - [Flower Mound, TX](https://www.chandlerknowlescpa.com/locations/flower-mound-tx-cpa/) - [Areas Served](https://www.chandlerknowlescpa.com/areas-served/) - [Dallas, TX](https://www.chandlerknowlescpa.com/areas-served/dallas-tx/) - [Plano, TX](https://www.chandlerknowlescpa.com/areas-served/plano-tx/) - [Nationwide](https://www.chandlerknowlescpa.com/areas-served/nationwide-cpa-services/) - [Contact](https://www.chandlerknowlescpa.com/contact-us/) # Financial Planning Insights # How COVID-19 Could Impact Retirement By [The Chandler & Knowles Team](https://blog.chandlerknowlescpa.com/author/the-chandler-knowles-team) | November 09, 2020 | [0](https://blog.chandlerknowlescpa.com/how-covid19-could-impact-retirement#comments-listing) The past few months have taken a toll on many of us—whether through the loss of a job, a loved one, building anxiety and concern for finances, or the future of our world—we are all feeling it. There are very few people who haven't felt the effects of the current environment. Perhaps the most concerning is those who are nearing retirement age but are not quite there yet. Lay-offs are forcing those in the 60-65 age range to consider how [COVID-19](https://lp.chandlerknowlescpa.com/covid-19-resource-hub) could impact their retirement plan.  [![Contact Us](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/2242316/d8f4c206-1707-4b86-97db-060644da4570.png)](https://hubspot-cta-redirect-na2-prod.s3.amazonaws.com/cta/redirect/2242316/d8f4c206-1707-4b86-97db-060644da4570) ## **How Will This Pandemic Affect Me? ![Planning retirement](https://blog.chandlerknowlescpa.com/hs-fs/hubfs/Stock%20images/Portrait%20of%20cheerful%20senior%20couple%20having%20fun%20at%20the%20beach.jpeg?width=300&name=Portrait%20of%20cheerful%20senior%20couple%20having%20fun%20at%20the%20beach.jpeg)** If you have a 401(k) plan or any type of investment, you already know you have lost some money. Those who have become unemployed or [furloughed](https://blog.chandlerknowlescpa.com/furlough-vs-layoff) have stopped investing so that needs can be met or may have even removed money from a retirement plan to live. If you are considering early retirement due to a job loss, experts are advising the following: - Avoid claiming social security before age 70. Although you are allowed to collect social security at age 62, your benefit amount will be substantially reduced than if you wait until age 67 or 70. As of 2020, the maximum amount you will receive at age 62 is $2,265.00, at age 67, $3,011.00, and at age 70, $3,790.00 per month. The monthly payout doesn't increase at age 67 and age 70 if you choose to retire early at age 62 so you are stuck with the lower benefit for the rest of your life. - Steer clear of tapping into retirement funds if at all possible. Early withdrawals (before 59 1/2) come with steep tax penalties. The [CARES Act](https://blog.chandlerknowlescpa.com/cares-act) does provide for special circumstances where money can be removed from a 401(k) or IRA without tax penalties but the individual must meet one of the following requirements: be diagnosed or a have a spouse diagnosed with COVID-19, have a financial hardship due to COVID-19 such as unemployment, furlough, decreased work hours, or child care problems due to the virus.  - Collect unemployment if you are laid off as this will support you for a period of time. Some income is better than none. - Borrow against your home or 401(k) if you are struggling financially.  - For those who are offered an early retirement package, look at all aspects to cover areas that you might not think of. For instance, you may lose your health insurance and you must be 65 years old to file for Medicare. Are you ready for all of the changes financially? ## **I Want To Invest More, Should I? ![retirement planning](https://blog.chandlerknowlescpa.com/hs-fs/hubfs/Stock%20images/Close%20up%20of%20businesswoman%20holding%20graphs%20in%20hand.jpeg?width=300&name=Close%20up%20of%20businesswoman%20holding%20graphs%20in%20hand.jpeg)** Some working people or retirees may be looking at investing more to prepare for the future. The draw of less expensive stocks may be tempting but only do so if you can recover from a loss as these are a risk right now. If not, consider adding money to a money market account or an annuity. Assessing your retirement plans is a wise decision, particularly in this economy. Choosing different venues of investment keeps your portfolio more diverse and protects from loss.  If you are concerned about how COVID-19 is going to impact your retirement, [contact the team](https://www.chandlerknowlescpa.com/contact-us/)at Chandler & Knowles, CPAs. We have a team of expert specialists who will review your long and short-term investment goals to ascertain you are headed in the right direction. ## **Related Posts** [Post-Pandemic Financial Planning Checklist](https://blog.chandlerknowlescpa.com/post-pandemic-financial-planning-checklist) [Tips to Preserve Your Wealth During COVID-19](https://blog.chandlerknowlescpa.com/tips-preserve-wealth-during-covid-19) [Financial Planning After COVID-19](https://blog.chandlerknowlescpa.com/financial-planning-after-covid-19) Spread the Word: - Share on LinkedIn Share - Share on Google Plus Share - Share on Facebook Share - Share on TwitterTweet Posted in [Retirement](https://blog.chandlerknowlescpa.com/tag/retirement), [Covid-19](https://blog.chandlerknowlescpa.com/tag/covid-19) ### Recent Posts ### Subscribe to Our Blog #### About Chandler & Knowles CPAs: Chandler & Knowles CPAs is dedicated to serving our clients with an integrated approach to financial success for businesses, families and individuals. Our knowledgable team is committed to providing you with the most detailed information to answer your biggest financial questions and to help make your life less taxing. Learn more about achieving financial success by reading our blog! ### Recent Posts Chandler & Knowles CPAs 7370 Hawk Rd Flower Mound, TX 75022 (817) 369-3681 Hours of Operation: Monday - Friday 8:30 a.m. – 4:00 p.m. Saturday & Sunday: Closed Other times Available by Appointment ![](https://px.ads.linkedin.com/collect/?pid=3265964&fmt=gif) ![](https://px.ads.linkedin.com/collect/?pid=3265964&fmt=gif)