A new poll by TSCL finds that 49 percent older Americans would have to raid their retirement savings to raise $3,000 in an emergency. Another 29 percent said they would either borrow or use a line of credit. Fourteen percent said they would sell personal effects, and 8 percent would be forced to go back to work. "Most retirees are dealing with fragile fiscal safety nets," says TSCL Executive Director, Shannon Benton. "What makes this finding so significant is that most Medicare health plans have annual out-of-pocket maximums that exceed $3,000," she adds.
In An Emergency, How Would You Raise $3,000?