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 numerous studies conducted over 2023, including a new report issued by Fidelity. To address this, Fidelity urges employers to help their employees prepare for […] The post Americans Are 3x Likelier to Take a Hardship Withdrawal. But Fidelity Says Doing This Can Protect Your Retirement Savings appeared
It's no secret that saving for retirement has taken a backseat for many Americans due to a plethora of reasons. Inflation, resumption of student loans and soaring rates have all taken a toll on.
More Americans are resorting to 401(k) hardship withdrawals for income, signaling financial distress is on the rise. But what are the driving forces and future indications?
As high inflation persists, more Americans have been taking hardship withdrawals from their 401(k) plans. A recent Bank of America study found that the number of its 401(k) participants taking.