Last year, a higher proportion of Americans with 401(k) accounts carried out hardship withdrawals—emergency removal of funds from a retirement plan—as many people financially struggled under decades-high inflation rates. “A record 2.8 percent of the 5 million people in 401(k) plans run by Vanguard tapped their retirement savings in 2022 to cope with hardships such…
Hardship Withdrawals From Retirement Accounts Surge as Americans Battle Rising Prices
February 3, 2023
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401kBusiness & Marketseconomyfinancial hardshipshardship withdrawalshigh inflationpersonal financerecessionretirement savingsUS
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