Record numbers withdraw retirement funds for bills; 401k hardship withdrawals spike.

Sharing is Caring!

New data from Vanguard shows that Americans are pulling a record amount of money from their retirement accounts to pay their bills. Most notably – the share of customers making an emergency hardship withdrawal from their 401k spiked to 3.6% in 2023 – the highest rate on record.

See also  New housing inventory hits highest since 2008, but demand is for existing homes. Buyers lack funds to qualify. Homeowners skip meals to pay mortgages!