An estimated 31 million people — 27% of those working or recently unemployed — who have retirement savings are withdrawing or planning to withdraw from those funds due to financial needs caused by the coronavirus, according to a recent study by Bankrate.com.
Age-wise, millennials seem to be at the weakest point, with 20% of them having already used retirement savings as a source of income since the outbreak, compared with 8% of Gen Xers and 10% of baby boomers, states the study.