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Study: Unemployed Baby Boomers Dipping into Retirement Savings

Jupiterimages/Thinkstock(NEW YORK) -- Millions of aging baby boomers have cracked into their nest eggs, raided their 401(k)s and other retirement funds because they need the money now.

A new study from the non-profit Transamerica Center for Retirement Studies finds that only one in 10 displaced workers is very confident about the ability to retire comfortably.  The findings are based on a Harris Interactive poll of more than 620 unemployed or underemployed people.

Catherine Collinson, president of the Transamerica Center says, “Many have raided retirement accounts to make ends meet -- and it will be difficult for them to overcome these savings setbacks once they regain employment.”

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ABC News Radio