Half of Americans with retirement accounts have taken an early withdrawal

— Falco & Associates, P.C. exclusively practices elder law and estate planning and advocates for families across greater Boston, and the North and South Shore.

by | Dec 7, 2021 | Industry News

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Generation Z tapped into their savings at the highest rate. While only 18% took an early withdrawal pre-pandemic, 40% said they did so during or after March 2020. Baby boomers were the most likely to keep their accounts untouched amid Covid — 34% had taken an early withdrawal before the pandemic but only 6% did so during or after March 2020.

 

“Withdrawing money early from a retirement account costs you now, and it really costs you later,” said Greg McBride, Bankrate’s chief financial analyst.

Full article below: 

Source: Half of Americans with retirement accounts have taken an early withdrawal

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