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Recent data fromTransamerica Institutereveals that 33% of middle-class Americans are cashing in their retirement money before they retire.
Most middle-class families are tapping into funds that are supposed to support their retirement.
So lets look at fivereasons this is happening.
The emergencies causing these withdrawals are unexpected medical bills, urgent home repairs or job loss without notice.
These issues force people to reach for their money before they retire.
For most people, retirement money remains the only solution to paying off this debt.
Many may resort to using their retirement funds to afford these unexpected medical bills.
In recent years, the cost of college tuition has shot up.
Many parents prioritize their childrens education over their own financial future.
This approach could harm retirement security.
In fact, many Americans are already using their retirement money to keep themselves from being evicted or foreclosed.
This is especially worrisome, because home prices have skyrocketed recently in most urban areas.
So, they are forced to use their retirement money to keep a roof over their head.
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