Press Releases | Program on Race, Ethnicity and the Economy (PREE)

News from EPI Recession takes a slice out of retirement savings

For Immediate Release: Wednesday, June 9th, 2010
Contact: Karen Conner or Eve Turow, 202-775-8810

Nearly one-in-five Americans age 45 and older prematurely withdrew money from their retirement accounts in 2009 to pay their mortgage, utilities, health expenses, and other bills, according to a recent study from AARP. Not surprisingly, groups experiencing greater economic hardship — often people of color — were more likely to tap into these funds.  Across all ethnicities, 18% of those surveyed reported making early withdraws, but the level was 22% for Hispanics and 26% for African Americans.

CLICK HERE for illustrated graph and full analysis in today’s Snapshot.