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Retirement savings patterns during the beginning of the COVID-19 pandemic showed meaningful differences when compared to a previous rapid and severe economic decline – the Great Recession – according to a paper published in August.
The paper, which was written for the Joint Committee on Taxation, demonstrates that individual contributions to retirement savings vehicles did not show a significant decline at the outset of the pandemic, unlike during the Great Recession. The researchers, who used tax data to measure retirement savings contributions and withdrawals, also found that IRA withdrawals substantially declined in 2020 for people older than 72, while employer-plan withdrawals increased for those under 60.
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