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1 in 4 Tapped Retirement Accounts or Stopped Saving During Pandemic
Nearly a quarter of Americans put saving for retirement on hold during the pandemic and stopped contributing to — or prematurely dipped into — their retirement accounts, according to a troubling new AARP Research study. More than half of the more than 5,400 adults surveyed said a lack of money has stopped them from contributing more to their retirement accounts, with 44 percent citing debt payments as a major hurdle to saving.
Research shows the economic upheaval created by COVID-19 has disproportionately weighed on older Americans, forcing many to retire early or chip away at their savings.
Learn more about the study.
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