52% of Americans have raided their retirement savings early (Why???)

Sep 6, 2019 | News

More than half (52%) of Americans have tapped into their retirement savings early, according to a recent survey from Magnify Money, and 23% did so in order to pay off debt.

Survey respondents also dipped into their savings to cover a down payment on a home (17%), paying for college (11%) and medical expenses (9%).

Millennials(ages 22 to 37) in particular are more likely than Gen X (ages 38 to 53) and baby boomers (ages 54 to 72) to pull from their savings early, the survey found. Education is a priority: 59% of well-off millennials say they would take money from their retirement savings in order to fund their kids’ college so that they can avoid student loan debt, a similar survey from investment company Ameriprise found. 


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