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103 Financial Well-Being and the Role of CARES Act
Key Words
Retirement withdrawal, Financial well-being, the CARES act, SHED
Short Description
The purpose of this study was to determine if the CARES Act, which allowed for penalty-free withdrawals from retirement funds during the COVID-19 epidemic, was connected with the subjective financial well-being of eligible American families. The July 2020 supplement to the 2019 Survey of Household Economics and Decision-making (SHED) was used in this research. The findings reveal that qualifying for the CARES Act was substantially related to respondents under the age of 59.5 withdrawing from retirement funds. On the other hand, withdrawals from retirement savings accounts were inversely associated with respondents' subjective financial well-being.