Retirement savings raided by 35% of laid-off workers

Posted by Kendall Harmon

The number of displaced workers has risen dramatically since the start of the Great Recession, and this year a third of them had to raid retirement savings to make ends meet.

Making matters worse, many who have lost their jobs have defaulted on 401(k) loans, causing taxes and penalties to further deplete their retirement savings.

"Of greatest concern are those who are in their 40s and 50s," says Catherine Collinson, president of Transamerica Center for Retirement Studies, which released a study today on the retirement outlook of the unemployed and underemployed.

Read it all.

Filed under: * Economics, PoliticsEconomyPersonal FinanceThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--

0 Comments
Posted July 19, 2012 at 8:00 am [Printer Friendly] [Print w/ comments]
Registered members must log in to comment.




Next entry (above): Anglican Unscripted Episode 45

Previous entry (below): Anglican Church of Nigeria scores Government low on peace in the North

Return to blog homepage

Return to Mobile view (headlines)