I had said that one of the problems with the coronavirus and the CARES Act is that participants would raid their retirement accounts, especially if they were terminated. Of course, I was right.<\/p>\n\n\n\n
A new survey by MagnifyMoney found that 30% of Americans have raided their retirement accounts for early distributions and the majority of those who have done it, used it to spend on groceries.<\/p>\n\n\n\n
The survey found that 47% of savers have either stopped or lowered their retirement savings contributions amid the coronavirus pandemic. 21% have reduced their contributions, while 26% have stopped saving altogether. 3 in 10 participants have withdrawn funds from their accounts within the last two months. Another 19% said that they plan on doing so but haven\u2019t yet.<\/p>\n\n\n\n
This comes as absolutely no shock because when times are tough, people raid their retirement accounts because so many Americans live hand to mouth.<\/p>\n
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