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COVID caused retirement plan raid

raid

Kiplinger conducted a poll that showed that plan participants did raid their retirement plan accounts because of COVID.

 

The poll showed that nearly 60% of Americans withdrew or borrowed money from an IRA or 401k during the pandemic, and nearly two-thirds (63%) used those retirement savings to cover basic living expenses.

 

These numbers are staggering but are not surprising when you consider how many people truly live from hand to mouth, week to week.

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