Warning: Study Shows the 2020 Recession Could Cut Your Retirement Income by 10 Percentage Points

This year has been the year of bad news, with the novel coronavirus causing a public health disaster and a recession. In fact, according to a recent report from The New School, middle-income Americans are facing a higher risk of unemployment during this recession, a greater likelihood of their investments performing poorly, and an increased chance of leakage from their retirement accounts. According to The New School's estimates, typical middle-income workers were expected to be able to replace around 62% of pre-retirement income in their later years if they retired at the age of 65.