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Abstract
Using data from the Survey for Income and Program Participation (SIPP), this study investigates the relationship between withdrawals from 401(k) and IRA accounts and household level economic shocks such as job loss, job change, divorce, and the onset of poor health. Workers in low-wage households are more likely to withdraw from their accounts than those in middle and high income households, in part because they are more likely to withdraw when they experience a shock and also experience more shocks. Shocks are associated with about 20% of all retirement account withdrawals and exacerbate pre-existing inequalities in financial preparation for retirement.
TOPICS: Retirement, legal/regulatory/public policy
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