COVID-19 and retirement

Man and a women walking in a field

How the global pandemic is shaping the consumer view of financial planning.

It goes without saying that COVID-19 has changed many facets of our world. As a society, we have all had to adjust and evolve the way we conduct our lives. One specific area that has seen perhaps the most volatility is in the financial sector. Consumers may be feeling the effects both in their day-to-day personal financial picture as well as in their planning for the future. We surveyed hundreds of consumers about how COVID-19 impacted their finances and we are ready to share what we learned inside.

We asked consumers a variety of questions about how their mindsets have changed amidst the pandemic, such as:

  • Their investment strategy pre-, and post-pandemic
  • What impact COVID-19 had on how they save for retirement
  • Thoughts on market volatility
  • Spending habits
  • Their perception of fixed index annuities

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The term financial professional is not intended to imply engagement in an advisory business in which compensation is not related to sales. Financial professionals that are insurance licensed will be paid a commission on the sale of an insurance product.

Insurance products issued by Midland National® Life Insurance Company, West Des Moines, Iowa. Product and features/options may not be available in all states or appropriate for all clients. See product materials for further details, specific features/options, and limitations by product and state.

Fixed index annuities are not a direct investment in the stock market. They are long term insurance products with guarantees backed by the issuing company. They provide the potential for interest to be credited based in part on the performance of specific indices, without the risk of loss of premium due to market downturns or fluctuation. Although fixed index annuities guarantee no loss of premium due to market downturns, deductions from your accumulation value for additional optional benefit riders or strategy fees associated with allocations to enhanced crediting methods could exceed interest credited to the accumulation value, which would result in loss of premium. They may not be appropriate for all clients. Interest credits to a fixed index annuity will not mirror the actual performance of the relevant index.

33661Y     |     PRT 7-6-21