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Hardship withdrawals are on the raise

The state of the economy has prompted some individuals to withdraw from their retirement savings accounts. In 2023, almost four percent of workers took hardship distributions from their 401Ks. Although most people think this is a short-term solution, it does come at a cost. Alexus Davila reports on the record-high number of hardship withdrawals and why rebuilding for retirement could be challenging. Read Ms. Davila’s report here…

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    • Karen:

      The earnings test no longer applies after reaching full retirement age (FRA). Starting at the month you reach FRA, earnings will no longer affect your monthly Social Security benefit, regardless of how much you earn.

      If you have any further questions regarding your situation, please contact our Advisory Service (888) 750-2622 at our convenience.
      Gerry Hafer
      AMAC Foundation

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