Furloughed Workers Withdrew From Retirement Funds: Study

February 19, 2019 by Susan Rupe

More than one quarter of the 800,000 federal employees who were affected by the federal government shutdown withdrew money from their retirement funds to help make it through the 35 days in which they did not see a paycheck, according to a Prudential study.

In addition, four in 10 of these federal workers borrowed money from family or friends, while 20 percent took out a bank loan to help tide them over.

The study results underscored the need for workers of all types to have an emergency savings account, or to add more funds to an existing account, said Jill Perlin, vice president of Prudential’s advanced markets group.

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Originally Posted at InsuranceNewsNet on February 14, 2019 by Susan Rupe.