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August 13, 2013 at 01:03 PM
Among unemployed and underemployed individuals who had a 401(k) or similar defined contribution plan at their most recent employer, 43 percent have taken a cash withdrawal from their account, according to a new report.
Transamerica Center for Retirement Studies discloses this finding in the 14th annual survey, “Repairing the Damaged Nest Egg: How to Improve the Retirement Outlook of the Unemployed & Underemployed.” Based on a Harris Interactive poll of 610 unemployed or underemployed people, the report explores how un/underemployed workers can better prepare for retirement. The study also details recommendations for the retirement services industry, media, employers/plan sponsors and policymakers to work with the un/underemployed.
The report reveals that more than half of the unemployed (53 percent) and 38 percent of the underemployed have taken withdrawals. This compares with 63 percent and 34 percent, respectively, of un/underemployed who took withdrawals from a previous employer’s self-funded plan.
The report adds that single people (44 percent) are slightly more likely than married people (41 percent) to have taken a withdrawal.
