The stock market may have recovered from the first shocks of the pandemic, but Americans’ retirement savings might not be as lucky.
A majority of Americans — 60% — withdrew or borrowed money from qualified retirement plans since COVID-19 first arrived in the U.S., two-thirds of whom did so to pay for basic living expenses, according to a new survey from Kiplinger’s Personal Finance Magazine and financial firm Personal Capital.
Nearly a third of the 744 respondents surveyed withdrew $75,000 or more from a retirement account, and another 58% borrowed between $50,000 and $100,000 the poll found. A third of people said they planned to work longer to compensate for the financial hit to their nest eggs.
Alessandra Malito | MarketWatch