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While divorce has often been a major historic factor in whether people decide to make an early withdrawal from their retirement plan, there's a new factor in the mix now: COVID-19.
Nearly 30% of Americans reported that they have dipped into their retirement funds because of COVID-19, according to a MagnifyMoney survey of 1,239 people. In addition to raiding their retirement accounts early, 21% said they lowered the amount they're contributing, and 26% have stopped making payments.
Of those withdrawing funds, 52% said it's to cover basic expenses.
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Nate Robson
Nate Robson is the U.S. Supreme Court and regulatory editor. Contact him at [email protected]. On Twitter: @Nate_Robson1.
