A new survey found that lots of people – from Boomers to Millennials – are already dipping into their retirement accounts. In, fact the survey, by Magnify Money, revealed that 52% of respondents said they had spent some of their retirement account money. Of those, 23% said they dipped into the fund to pay off debt, 17% said used the money for a down payment on a new home, 11% paid for college, 9% used it to pay medical bills, and another 3% used the money for “other reasons.”
60% of those surveyed said they aren’t even sure how much money they have in their retirement fund, and 15% said they have no idea at all. 35% said they aren’t saving for retirement at all.