Nearly half (47%) of individuals who took a loan or withdrawal from their retirement plan, a traditional lender or their investments as a result of Covid-19 feel they withdrew more than they needed, according to a survey by Voya Financial.
Nevertheless, 68% of those who did borrow or take a withdrawal agree or strongly agree that they are now in a better place financially.
At the same time, 65% agreed that borrowing from their accounts has put them behind in saving for retirement, and 59% said they wish they had consulted a financial professional before taking a loan or withdrawal.
According to Voya, many individuals have taken actions to get back on track financially, with 38% reducing their overall expenses and 29% reevaluating their monthly budget.
The results are based on a survey of more than 1,000 people 18 and older in the U.S. conducted between March 12 and March 15.
Relationships are key to our business but advisors are often slow to engage in specific activities designed to foster them.
Whichever path you go down, act now while you're still in control.
Pro-bitcoin professionals, however, say the cryptocurrency has ushered in change.
“LPL has evolved significantly over the last decade and still wants to scale up,” says one industry executive.
Survey findings from the Nationwide Retirement Institute offers pearls of planning wisdom from 60- to 65-year-olds, as well as insights into concerns.
Streamline your outreach with Aidentified's AI-driven solutions
This season’s market volatility: Positioning for rate relief, income growth and the AI rebound
