COVID-19 has thrown a wrench into retirement planning for many individuals. The stock market has experienced significant volatility, causing retirement accounts to fluctuate in value. Additionally, many individuals have lost their jobs or experienced reduced income, making it difficult to save for retirement.

Individuals can continue to save for retirement by making sure they are contributing the maximum amount to their employer-sponsored retirement accounts, such as a 401(k) or 403(b). They can also consider opening an individual retirement account (IRA) and contributing to it regularly. It may also be helpful to consult with a financial advisor to determine the best course of action.

Yes, there have been some changes to retirement account rules during COVID-19. The CARES Act, which was passed in March 2020, allows individuals to withdraw up to $100,000 from their retirement accounts without incurring the usual 10% penalty if they are under the age of 59 ½. However, individuals will still owe income taxes on the amount withdrawn. Additionally, the required minimum distribution (RMD) for retirement accounts has been waived for 2020.

It may be helpful for individuals to review and adjust their retirement plans in light of COVID-19. This could involve reassessing retirement goals, revising savings strategies, and considering the impact of market volatility on retirement accounts. Consulting with a financial advisor can also be helpful in this process.