money funneling down drain In some cases, plan rules worked against workers in requiring minimum withdrawals that were higher than they needed. (Photo: Shutterstock)

Although as of 2017, retirement plans and IRAs in the U.S. held nearly $17 trillion, a new Government Accounting Office report finds that in 2013, workers across several generations, aged 25 to 55, removed money from their retirement savings. How much? The GAO said “at least $69 billion (+/- $3.5 billion).”

Obviously, that’s not good news for the retirement picture in the U.S. As a result, GAO was asked to research the number and amount of early withdrawals, and find out why people might be draining their retirement savings prior to retirement, as well as find ways to discourage them from doing so.

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Marlene Satter

Marlene Y. Satter has worked in and written about the financial industry for decades.

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