Tags: BankRate | Americans | Raiding | Retirement | Funds | Early | pension

BankRate: Americans Raiding Retirement Funds Early

Tuesday, 26 Apr 2011 08:45 AM

About one-fifth of Americans are dipping into their retirement savings in order to make ends meet, according to a Bankrate.com national survey.

Even though 80 percent of full-time workers don't touch their retirement funds, too many don't have enough money stashed away in case of emergencies, says Kim McGrigg, manager of community and media relations at Money Management International, a credit-counseling agency.

"Perhaps the most alarming thing about these numbers is that they suggest a lack of other options," she says, according to Bankrate.com.
"Consumers generally consider using retirement funds only as a last resort."

retiree200getty.jpg
Many polls find many people expect to work
much longer.
(Getty photo)
The poll also finds that 17 percent of those dipping into retirement nest eggs are full-time workers.

"I believe that 17 percent of full-time workers taking early withdrawals is a higher than normal number, and it's certainly higher than it should be," says Michael Masiello, founder of the Masiello & Associates wealth management firm in Rochester, N.Y.

Many seem to be blowing off the idea of retirement forever.

A new Gallup Poll shows that a record 53 percent of Americans who aren't retired figure that by the time they reach their so-called golden years they won't be able to afford it anyway, the Los Angeles Times reports. That percentage is up about 20 points since 2002.

Furthermore, 37 percent say they will have to work past the age of 65, up from 12 percent in 1995, Gallup adds.

Those who say they will retire before age 65 has plummeted to 28 percent from 47 percent.

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About one-fifth of Americans are dipping into their retirement savings in order to make ends meet, according to a Bankrate.com national survey. Even though 80 percent of full-time workers don't touch their retirement funds, too many don't have enough money stashed away in...
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Tuesday, 26 Apr 2011 08:45 AM
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