The coronavirus has thrown many Americans the equivalent of a stomach-churning financial curveball. In a matter of weeks, unemployment rose to historic highs and the stock market cratered, only to rise steadily again.
By some aspects the ride has been even harder for the nation's veterans, half of whom are over age 65 and are nearing retirement. Fifteen percent work in the industries hardest hit by the coronavirus, leaving them to worry about their jobs, their savings and their retirement investments. As a result, organizations that support veterans are reporting massive spikes for help.
"It's a real uncertain time for us right now," says U.S. Coast Guard veteran David Riley. While on active duty as a rescue swimmer 20 years ago, Riley contracted a near-fatal bacterial infection and doctors were forced to amputate his arms and legs. His wife, Yvonne, is his primary caregiver."I'm on disability, and we supplement the income with stocks through an IRA," said Riley.
Veteran families often receive government health care and a pension that uses a formula based on their years of service and rank, but many also use their investments to fund their golden years.
acorns Coronavirus has been canceled, haven’t you seen the news
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: BusinessInsider - 🏆 729. / 51 Read more »
Source: Reuters - 🏆 2. / 97 Read more »