Retirement savings raided by 35% of laid-off workers
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, Politics • Economy • Personal Finance • The Credit Freeze Crisis of Fall 2008/The Recession of 2007--
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Posted July 19, 2012 at 8:00 am
Posted July 19, 2012 at 8:00 am
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