A new study shows how Americans are using their retirement savings to cover costs amid the COVID-19 pandemic. The coronavirus pandemic has triggered an unprecedented avalanche of job losses, with 38.6 million Americans joining the unemployment ranks since the crisis began more than two months ago.
The sudden loss in income is causing a growing number of Americans to tap their retirement savings accounts, according to a new study released Wednesday by Bankrate.
About 31 million workers, or roughly 27 percent of working and unemployed individuals, are raiding, or plan to access, their retirement accounts to make ends meet, the study found.