Americans Aren’t Prepared For Emergencies
We know individuals struggle to adequately save. Approximately 40% of Americans would borrow money in some capacity if hit with an unexpected bill of $1,000 or more.1 And, more than 30% of Americans withdrew or borrowed money from an IRA or 401(k) during the pandemic – nearly two-thirds of which was used to cover basic living expenses.2
When relatively small financial emergencies occur, such as car repairs or a leaky roof, many Americans are forced, or elect, to tap into their retirement savings – and the consequences can be detrimental to long-term financial wellness.
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