Covid 19 Pushing Many Americans To Raid Their Retirement Accounts Experts Say
“There were two different experiences during the pandemic,” Dan Egan, vice president of Behavioral Finance and Investing at Betterment Financial in New York, told Newsweek. “Those who had a white-collar job and a healthy nest egg sailed through easily, and many contributed more to their retirement account,” he said. “But if you had a service-industry job, the pandemic knocked you off the ladder.” Many people with stable jobs deposited the first government stimulus checks in retirement or savings accounts, while those struggling at the lower end of the economic scale used the money to meet routine expenses, he said....