24% of Workers Are Taking This Drastic Step to Cope With the Coronavirus Pandemic

The COVID-19 crisis has wreaked more financial havoc than many of us could have imagined. Though stocks have managed to thrive despite an early beating, the U.S. economy is still deep in recession territory, and with COVID-19 cases surging in most states, the risk of a second widespread lockdown remains.

All of this is far from encouraging for those who are grappling with income insecurity right now. In fact, if cases don't stop spiking, we may find that unemployment numbers start to climb again. (The numbers in May and June were, thankfully, lower than April's, but daily cases weren't nearly as high back then as they've been in July.)

It's not surprising, then, to learn that some people may be going to extreme measures to compensate for income loss or financial issues that have arisen during the pandemic. In fact, 24% of Americans are now planning to take a withdrawal from a 401(k), according to SimplyWise's July 2020 Retirement Confidence Index. By contrast, in May, only 20% of workers said they'd do the same.

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Source Fool.com