Americans tap retirement funds early

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More than half of Americans have dipped into their retirement savings early, with 20% making withdrawals during the pandemic, according to a recent survey from Bankrate. While 40% of Generation Z took early withdrawals during or after March 2020, only 6% of baby boomers did so over the same timespan. Bankrate’s Chief Financial Analyst Greg McBride warns against pulling retirement funds prematurely, noting “early withdrawal robs your future nest egg of a significant sum.”