Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!
Data: Investment Company Institute; Chart: Axios Visuals

A survey last month from Kiplinger and digital wealth management company Personal Capital found that 60% of respondents had taken some form of withdrawal from their IRA or 401(k) during the coronavirus pandemic, but new data suggests those numbers were a bit high.

What's new: Kiplinger has since amended its results and reports that just "a third of respondents took a distribution or loan from their retirement account."

Driving the news: Those numbers better align with a new report from the Investment Company Institute, which tracks retirement plan assets.

  • "A strong majority (65 percent) of US individuals did not take financial actions as a result of COVID-19," ICI's survey finds.
  • The other 35% took a variety of actions, namely using emergency savings and credit cards.

What they're saying: "The survey findings are consistent with the data ICI has published throughout the pandemic based on actions reported by recordkeepers to defined contribution (DC) retirement plans," ICI says. (Defined contribution plans are mainly 401(k)s and similar plans rather than pensions.)

  • Through the first three quarters of 2020, ICI's data found that 3.4% of plan participants took withdrawals from their DC accounts, including 1.2% who took hardship withdrawals.
  • DC plan recordkeepers identified 4.4% of DC plan participants who took CARES Act coronavirus-related distributions.
  • At the end of September 2020, 15.4% of DC plan participants had loans outstanding.

The bottom line: "Together, these two sets of data—the self-reported actions from the survey and the administrative recordkeeper data based on actual DC account activity—contradict claims that large numbers of savers turned to withdrawals or loans from retirement plans in response to COVID-19 financial stress," ICI analysts say in their report.

  • "To the contrary, Americans appear to have placed a high priority on preserving their retirement savings."

Go deeper

Exclusive poll: Republicans favor Greene over Cheney

Data: SurveyMonkey; Chart: Axios Visuals

Conspiracist Rep. Marjorie Taylor Greene is far more popular than Rep. Liz Cheney among Americans who align with the Republican Party, according to a new Axios-SurveyMonkey poll.

Why it matters: As the House GOP caucus is being torn over calls to yank Cheney from congressional leadership for backing Donald Trump's second impeachment, and strip Greene from committee assignments for her baseless conspiracy theories and violent rhetoric, these findings show how strongly Trumpism continues to define most Republicans.

Republican Sen. Sasse slams Nebraska GOP for "weird worship" of Trump after state party rebuke

Sen. Ben Sasse, (R-Neb.) Photo: Andrew Harnik - Pool/Getty Images

The Nebraska Republican Party on Saturday formally "rebuked" Sen. Ben Sasse (R-Neb.) for his vote to impeach former President Trump earlier this year, though it stopped short of a formal censure, CNN reports.

Why it matters: Sasse is the latest among a slate of Republicans who have faced some sort of punishment from their state party apparatus after voting to impeach the former president. The senator responded statement Saturday, per the Omaha World-Herald, saying "most Nebraskans don't think politics should be about the weird worship of one dude."

Cuomo barraged by fellow Dems after second harassment accusation

New York Gov. Andrew Cuomo faced a barrage of criticism from fellow Democrats after The New York Times reported that the second former aide in four days had accused him of sexual harassment.

Why it matters: Cuomo had faced a revolt from legislators for his handling of nursing-home deaths from COVID. Now, the scandal is acutely personal, with obviously grave political risk.