401k Withdrawals Surge Amid Economic Uncertainty
Birmingham News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Economic uncertainties drive surge in 401(k) withdrawals: A Vanguard study reveals a significant increase in people tapping into their retirement accounts, with six percent withdrawing this year, up from five percent last year. The spike is linked to economic jitters, including higher gas prices and conflicts like the war in Iran. Withdrawals often go towards urgent needs, impacting retirement savings. Rules allow up to $50,000 or half the account balance, with a smaller, penalty-free option if repaid within three years. Financial advisors advise treating this as a last resort, suggesting expense trimming, reducing 401(k) contributions, avoiding high-interest loans, and building an emergency fund.
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