A new study conducted by Fidelity Investments shows an alarming number of Americans made 'downright ugly' retirement moves during the pandemic and 'Great Resignation.'
More than 40% of the general population put their retirement planning on hold during the pandemic, and that number was even higher, at 55%, among young investors ages 18-35. In fact, nearly half of respondents from that next generation said they do not even see a point in saving for their later years until things return to "normal."Of the next-geners who quit their jobs during the Great Resignation and had a 401, 1 in 5, or 21%, cashed out their accounts after leaving.
An alarming number of Americans either halted their retirement savings or cashed out after leaving their jobs over the past two years. "The fact that so many people who left their jobs as a result of the Great Resignation also cashed out of their 401s may be cause for concern," said Rita Assaf, vice president of retirement at Fidelity. "Taking money out of your retirement accounts completely should be avoided unless the immediate need is critical and there are no other options, not only because of the tax implications, but also due to the impact on your retirement nest egg.
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