Withdrawals

401(k) 'hardship' withdrawals hit record high, Vanguard says — another sign households are feeling the pinch of inflation

401(k) ‘hardship’ withdrawals hit record high, Vanguard says — another sign households are feeling the pinch of inflation

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Thomas Barwick | Stone | Getty Images The share of retirement savers who withdrew money from a 401(k) plan to cover financial hardship hit a record high in October, according to data from the Vanguard Group. This dynamic – when combined with other factors such as rapidly rising credit card balances and falling personal savings …

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401(k) Hardship Withdrawals Hit an All-Time High of 'Worrying', Says Vanguard

401(k) Hardship Withdrawals Hit an All-Time High of ‘Worrying’, Says Vanguard

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Amid stubbornly high inflation, a record proportion of Americans are turning their 401(k) accounts into emergency piggy banks, according to Vanguard. Dissecting data from a sample of about 5 million employer-sponsored 401(k) accounts that Vanguard manages, the researchers said that 0.5% of account holders made difficult withdrawals in October. It’s a “worrying” all-time high, said …

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