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COVID-19-spurred income cuts have led some adults to borrow or withdraw money from their retirement accounts and other savings, the Federal Reserve reported in its July update on the economic well-being of U.S. households released today.

“Fifteen percent of non-retirees who were laid off or had their hours reduced since March said they had tapped retirement assets in the past 12 months, compared to 7 percent of non-retirees who had not experienced an employment disruption,” the Fed revealed.

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