(STUDY FINDS) -- CHARLOTTE, North Carolina — The coronavirus lockdown has caused an economic crisis that’s taking a toll on many Americans. Not only are their wallets getting thinner but a new survey shows that three in ten Americans have dipped into their retirement savings to help cover their expenses.
MagnifyMoney commissioned a survey of 1,239 Americans who have retirement accounts. Many of the analyses conducted look at responses by the “generation” of the responders. Gen Z is defined as ages 18-23, Millennials are 24-39, Gen X is 40-54, Baby Boomers are 55-74, and the “silent generation” is aged 75+.
The survey shows that 30% of Americans have withdrawn an average of $6,757.20 from their retirement savings from about March 1 through May 1. Another 19% responded that they have not taken money out yet but they plan to do so.
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