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Hardship withdrawals on the rise

Some people can’t make it until age 62 to begin Social Security. Chronically high inflation means more Americans are making emergency withdrawals from their 401(k) retirement plans to pay for everyday necessities. Megan Henney of Fox Business explains it all in this piece. Using data from Fidelity from July to September 2023 shows about 2.3% of workers with employer-sponsored 401(k) plans made a “hardship” withdrawal during the three-month period. That’s an increase from just 1.8% workers who pulled money out of their retirement savings during the same time period last year. The top two reasons behind this uptick in hardship withdrawals are avoiding foreclosure or eviction and medical expenses.  Full piece here.

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