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Data: Kiplinger; Chart: Axios Visuals

Nearly 60% of Americans withdrew or borrowed money from their IRA or 401(k) during the coronavirus pandemic, a new survey from Kiplinger and digital wealth management company Personal Capital found.

Why it matters: Most U.S. retirement accounts were underfunded already and the survey shows that the pandemic caused a significant number of Americans to pull money out, potentially setting them back even further.

Details: Nearly one in three (32%) respondents said they withdrew $75,000 or more from a retirement account, while 58% of those who took loans borrowed between $50,000 and $100,000.

  • Pandemic-induced market volatility also left nearly three-quarters of respondents (74%) somewhat to very worried about their investments.
  • More than 50% of respondents said they planned to work longer or delay retirement in order to build their nest egg.

The big picture: "The past year rocked the confidence of most Americans saving for retirement,” Mark Solheim, editor of Kiplinger Personal Finance, said in a release.

  • “With many people dipping into their retirement savings or planning to work longer, 2020 will have a lasting impact for years to come.”

Backstory: Even most older Americans report that they don't have enough money saved for retirement, with the median family holding just $7,800 in 401(k)s, IRAs and other self-directed accounts, according to a 2019 study from the left-leaning Economic Policy Institute.

Of note: The CARES Act allowed people under the age of 59.5 affected by the coronavirus to take a distribution of up to $100,000 from an IRA, 401(k), or similar account without penalty. It also permitted loans of up to $100,000.

Go deeper

Caitlin Owens, author of Vitals
19 hours ago - Health

The most vulnerable Americans aren't getting enough vaccine information

Data: KFF; Chart: Axios Visuals

Hispanic, Black and lower-income Americans are more likely than white and higher-income Americans to say they don't have enough information about when or where they'll be able to get a coronavirus vaccine, according to new KFF polling.

Why it matters: This further suggests that vaccinating the most vulnerable Americans will be an uphill battle.

Updated 6 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Eniola Odetunde/Axios

  1. Health: Most vulnerable Americans aren't getting enough vaccine information — Fauci says Trump administration's lack of facts on COVID "very likely" cost lives.
  2. Politics: Biden unveils "wartime" COVID strategyBiden's COVID-19 bubble.
  3. Vaccine: Florida requiring proof of residency to get vaccine — CDC extends interval between vaccine doses for exceptional cases.
  4. World: Hong Kong to put tens of thousands on lockdown as cases surge.
  5. Sports: 2021 Tokyo Olympics hang in the balance.
  6. 🎧 Podcast: Carbon Health's CEO on unsticking the vaccine bottleneck.

Trump impeachment trial to start week of Feb. 8, Schumer says

Senate Majority Leader Chuck Schumer. Photo: The Washington Post via Getty

The Senate will begin former President Trump's impeachment trial the week of Feb. 8, Majority Leader Chuck Schumer announced Friday on the Senate floor.

The state of play: Schumer announced the schedule after reaching an agreement with Republicans. The House will transmit the article of impeachment against the former president late Monday.