Retirement for the unemployed: a cracked nest egg

The title of a new study on the retirement outlook for unemployed Americans says it all: The Cracked Nest Egg.

And, no surprise, the report from the Transamerica Center for Retirement Studies paints a disturbing picture.

From the non-profit’s report:

– The majority (61 percent) of displaced workers reported having a retirement savings account of some kind. Yet, while 87 percent were familiar with the severe taxes and penalties that may apply when they withdraw funds from those accounts, 35 percent had done so.

– Of those who were in a 401(k) plan at their last  full-time employer, 45 percent had taken a withdrawal from these accounts. Notably, 63 percent of the unemployed had taken a withdrawal, compared to 34 percent of workers considered underemployed.

Among the displaced workers, including those with or without retirement accounts of their own, the estimated median household savings in retirement accounts was approximately $ 5,800.

“The Great Recession has led to a …

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