The Terrible Reason 45% of Gen Xers Say They'd Take a Retirement Plan Withdrawal

Without retirement savings, you risk struggling financially during your golden years. That's because Social Security isn't designed to sustain seniors by itself. If you're an average earner, those benefits will replace about 40% of your preretirement income, and most seniors need somewhere in the ballpark of twice that amount to maintain a decent standard of living. Therefore, unless you're privy to a nice pension, you'll need personal savings on top of your Social Security income. That's where IRAs and 401(k)s come in.

But once you fund an IRA or 401(k), it's imperative that you leave that money alone until retirement. Unfortunately, a lot of people in Generation X aren't set on doing so. In fact, 45% say they'd take a withdrawal from a retirement plan to cover a child's education, according to a new TD Ameritrade survey. If you're thinking of doing the same, you should know that it's a mistake that could end up haunting you for years.

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Source Fool.com