Thirty million Americans took money out of their retirement savings for an emergency during the past year, according to a Bankrate.com report. The report also found that 21 million Americans aren’t saving for retirement at all.
Millennials were the least likely to withdraw their retirement funds early, with only 8 percent doing so over the past 12 months. They’re also the age group with an improved overall financial situation over the past year; 40 percent say they’re better off while 11 percent say they’re doing worse.
For 50-64 year-olds, 26 percent say their financial situation has deteriorated over the past year – more than any other age group – and 17 percent recently took money out of their retirement savings to pay for an emergency.