woman standing in front of variety of blue and white collar and medical workers (Photo: Shutterstock)

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.

Complete your profile to continue reading and get FREE access to BenefitsPRO.com, part of your ALM digital membership.

Your access to unlimited BenefitsPRO.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical BenefitsPRO.com information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com

Already have an account?



Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2023 ALM Global, LLC. All Rights Reserved.