A survey found that people who withdrew money from retirement accounts used it to buy groceries and pay rent, among other expenses.
The survey also found that in the past 60 days, 50 percent of people with retirement accounts have not and do not plan to remove money from those accounts. Thirty percent have already removed money from retirement accounts, and 19 percent are planning to.
"Part of the reason that so many Americans are making early withdrawals may be due in part to a provision offered by the coronavirus relief bill that waives the early withdrawal penalty for coronavirus-related withdrawals up to $100,000 from qualified retirement plans and IRAs," the report states. Twenty-four percent of respondents said the penalty-free withdrawals were a reason for taking money out of their retirement accounts.
Americans across the country are dealing with the severe economic ramifications of state shutdown orders, which have closed businesses deemed nonessential in an attempt to slow the virus's spread. About 2.98 million new jobless claims were reported Thursday by the U.S. Department of Labor for the week ending May 9, bringing the total number of unemployment claims during these past eight weeks to 36.5 million, according to CNBC.
A store remains shut down near Wall Street as the coronavirus keeps financial markets and businesses mostly closed in New York City.
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