A record number of Americans are dipping into their retirement savings accounts for financial emergencies amid ongoing high inflation.
Hardship withdrawal activity from 401(k) accounts increased in 2023, going from 2.8% of people in 2022 who initiated a hardship withdrawal to 3.6% of participants last year, according to the Vanguard Group, which tracks about 5 million accounts.
Vanguard noted how the hardship withdrawal increase could signal “financial stress” among more households.
The pre-pandemic average was about 2%, FOX Business reported – adding that 2023 marked the highest level since Vanguard began tracking the data in 2004.
Click here to read the rest of the article written by Kelly Hayes over at Fox 5 DC
