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Many effects of COVID-19 are still unfolding, including its impact on retirement savings. Americans typically rely on three major sources of income during retirement: Social Security benefits, funds from employer-sponsored retirement plans, and individual savings. However, the relative importance of each component not only evolves over time, but also differs significantly across households. Despite persistent policy support and tax incentives, surveys and studies constantly report a substantial number of households unprepared for retirement, and policymakers continue to find ways to encourage saving.1 This article reviews recent policy developments related to retirement savings, proposals to enhance the current system, emerging trends in economic research, and additional considerations.
