21% of Workers Are Making This Dangerous Move Amid the COVID-19 Pandemic

The COVID-19 crisis is hitting a lot of people hard. Suddenly, Americans across a range of income levels are being forced to make difficult choices -- decisions that could impact their long-term financial well-being.

If your income has dropped over the past few months, or you're simply concerned about preserving your income, you may be thinking of reducing or halting your retirement plan contributions. And if you go that route, you won't be alone. Around 21% of Americans who are 10 years or more away from retirement have either cut back on or suspended contributions to their IRAs or 401(k)s because of the pandemic, reports Personal Capital in a new survey. Meanwhile, another 30% are thinking of doing the same. But that's a move that could backfire in the long run.

Image source: Getty Images.

Continue reading

Source Fool.com