Early Withdrawal: “The $51,000 mistake thousands of retirement savers have made”
November 23, 2019
“Nearly half (49%) of people with retirement accounts have withdrawn the money early, according to data released Thursday by Bankrate.
Other data show a similar pattern: In a survey of more than 1,000 adults released this year by MagnifyMoney, roughly half of retirement savers have taken money out of their retirement accounts early — for reasons other than retirement, with boomers (43%) and Gen Xers (50%) slightly less likely to do it than millennials (54%). And a 2018 survey from E-Trade Financial found that about six in 10 retirement savers ages 18 to 34 had raided a retirement account; and a survey of 2,700 adults released in 2019 by financial institution Merrill Lynch and aging think tank Age Wave revealed that one in four adults under 35 with a 401(k) had already made an early withdrawal…”