Some Americans may need to use their retirement savings because of the coronavirus crisis.
Nearly half of workers — 43% — say they’re going to have to withdraw from their savings because of the impact of COVID-19 on their financial situations, according to Principal Financial Group.
The government anticipated some hardships, which is why as part of the coronavirus stimulus package passed in March, known as the CARES Act, the amount an individual could withdraw or borrow from a retirement account was increased and penalties were waived. The CARES Act was created to ease financial burdens on people impacted by shuttered businesses and unemployment while states across the country locked down.
Here’s an example Principal provided: A 35-year-old with a $16,000 balance in a retirement account could have $628,000 by 65 if she continues her path to retirement and takes no loan. With a $10,000 loan and reduced contributions, she’d have $601,000 by 65. With a $10,000 coronavirus-related distribution and reduced contributions, she’d have $543,000 in 30 years.
Also see: This is how the $2 trillion coronavirus stimulus affects retirees — and those who one day hope to retire
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