Record number of Americans draining retirement accounts
UNDATED (CBS) -- A record number of Americans are risking their financial futures by making early withdrawals from their retirement accounts.
A new report finds that more and more Americans are taking out 401(k) loans and withdrawing from their accounts early. According to the report, 25 percent of Americans will access their savings before retirement.
Workers between the ages of 20 and 39 have the highest early withdraw rates. 40 percent of workers in that age group cash out their 401(k)s upon leaving their job.