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Americans raiding retirement funds early

Posted By admin On April 26, 2011 @ 2:29 am In U.S. News | Comments Disabled

Sheyna Steiner
Bankrate.com [1]
April 26, 2011

Nearly one-fifth of full-time employed Americans have raided retirement accounts in the past year to cover emergencies, according to a national Bankrate survey.

Despite increasing signs of a stabilizing U.S. economy, 19 percent of Americans — including 17 percent of full-time workers — have been compelled to take money from their┬áretirement savings in the last year to cover urgent financial needs, the Financial Security Index found.

Though 80 percent of full-time workers didn’t dip into retirement funds, far too many consumers are ill-prepared for emergencies, says Kim McGrigg, manager of community and media relations at Money Management International, a credit counseling agency.

“Perhaps the most alarming thing about these numbers is that they suggest a lack of other options,” she says. “Consumers generally consider using retirement funds only as a last resort.”

Michael Masiello, founder of the Masiello & Associates wealth management firm in Rochester, N.Y., agrees. “I believe that 17 percent of full-time workers taking early withdrawals is a higher than normal number, and it’s certainly higher than it should be,” he says.

Full article here [1]

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Americans raiding retirement funds early 260310banner2 [3]


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URLs in this post:

[1] Bankrate.com: http://www.bankrate.com/finance/consumer-index/april-2011-raiding-retirement-fund.aspx

[2] Stock up with Fresh Food that lasts with eFoodsDirect (AD): http://www.efoodsdirect.com/

[3] Image: http://purewaterfreedom.com/

[4] R.I.P. Retirement: 28% Of Americans Are Raiding Their 401k Plans: http://www.prisonplanet.com/r-i-p-retirement-28-of-americans-are-raiding-their-401k-plans.html

[5] America’s financial downfall: Citizens now desperately raiding 401(k) plans to pay bills long before retirement: http://www.prisonplanet.com/americas-financial-downfall-citizens-now-desperately-raiding-401k-plans-to-pay-bills-long-before-retirement.html

[6] Portugal raiding pension funds could be sign of things to come in U.S: http://www.prisonplanet.com/portugal-raiding-pension-funds-could-be-sign-of-things-to-come-in-u-s.html

[7] 76% of Americans Are Living Paycheck-to-Paycheck: http://www.prisonplanet.com/76-of-americans-are-living-paycheck-to-paycheck.html

[8] The Federal Reserve Is Systematically Destroying Social Security And The Retirement Plans Of Millions Of Americans: http://www.prisonplanet.com/the-federal-reserve-is-systematically-destroying-social-security-and-the-retirement-plans-of-millions-of-americans.html

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