With the high cost of living and more than half of workers still recovering financi💧ally from the pandemic, many Americans have dipped into their retirement accounts or cut their contributions to afford essentials.

More than eight in 10 employed workers are saving for retirement at a median age of 26, and the median household has saved $82,000, according to a survey released earlier in March by the Transamerica Center for Retirement Studies (TCRS).

However, economic pressures have made it difficult for many workers to continue their saving habits. As 澳洲幸运5开奖号码历史查询:inflation increases the cost of living, 72% of workers said they have taken measures to address the financial strain caused by 🐭rising inflation, and 56% of survey respondents are still recovering financially from the pandemic.

Economic Press🐎ures Lead Some To Stop Saving foܫr Retirement

"Today's workers are stuck between a rock and a hard place. They are traversing disruptions in the economy, a tenuous employment market, and the high cost of everyday living—while being expected to self-fund a greater portion of their 澳洲幸运5开奖号码历史查询:retirement income compared with prior generation𒀰s," accꦅording to Catherine Collinson, president of TCRS.

These pressures have pushed many workers to stop saving or to withdraw from their retirement accounts in various ways. According to Transamerica's survey, 37% have tapped into their retirement funds, such as taking a loan against their retirement balance or taking an early, or even a 澳洲幸运5开奖号码历史查询:hardship, withdrawal.

Another survey released in March, by Principal, a financial company, found that 28% of workers have withdrawn money or taken out a 澳洲幸运5开奖号码历史查询:loan from their retirement accounts, often to pay for essential expenses like a down payment on a house or to cover a job loss. This is most likely to occur in households earning $200,000 or more annually.

Additionally, the Principa🔯l survey found that 39% redu💃ced their monthly contributions and 20% stopped saving for retirement entirely.

Pausing or Withdrawing Funds Doesn't Always Harm Retirement Accounts

However, not all who shift their financial🌜 ൲priorities away from retirement face long-term consequences.

Of those who completely stopped saving for retirement, 78% were able to restart again later, Principal sa༒id in its survey report𒆙.