Getting Started: Early withdrawals from retirement account chip away at savings

April 13, 2015 12:10 PM

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The deadline for contributing to an individual retirement account for 2014 is April 15. Write the check, and you'll be taking a step toward setting up a secure retirement.

At least that's the idea. But a recent study from the Center for Retirement Research at Boston College finds that, on average, pre-retirees withdraw 1.5 percent of assets each year from IRAs, as well as employer-provided 401(k) plans. By the time retirement rolls around, the withdrawals reduce total...

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