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The number of hardship withdrawals from retirement plans managed by Vanguard has risen to the highest level since 2004, according to Vanguard, with 0.5% of workers taking money out for an emergency.
According to asset manager Vanguard’s “How America Saves 2024” report, around 3.6% of workers participating in employer-sponsored 401(k) plans made a “hardship” withdrawal in 2023, up ...
A 401(k) hardship withdrawal is the process of accessing funds in your workplace 401(k) account before retirement age (currently age 59 ½). While there are typically penalties for withdrawing ...
In 2022, 2.8% of 401(k) plan participants took a hardship withdrawal, a record high, up from 2.1% in 2021 and 1.9% in 2018, according to Vanguard. More than a third (36%) of hardship withdrawals ...
The Better Business Bureau (BBB) is an American private, 501(c)(6) nonprofit organization founded in 1912. BBB's self-described mission is to focus on advancing marketplace trust, [2] consisting of 92 independently incorporated local BBB organizations in the United States and Canada, coordinated under the International Association of Better Business Bureaus (IABBB) in Arlington, Virginia.
Non-hardship withdrawals also were high in October, reaching 0.9%, the Vanguard data showed. Experts Largely Agree That Taking 401(k) Hardship Withdraws Rising, But Ill-Advised
The ravaging of retirement accounts is on a roll. The number of participants taking hardship withdrawals from their 401(k) was up 13% in the third quarter versus the second quarter, according to a ...
Americans are, in growing numbers, relying on their retirement accounts to pay the bills. More specifically, hardship withdrawals from 401(k) and related plans are up. This is shown as a result of ...