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Hardship withdrawals rose 36% year-over-year in Q2

Bank of America participant analysis shows more employees prioritizing short-term expenses over long-term saving.

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Contributions to 401(k) Savings on the Rise; So Are Withdrawals

Bank of America study shows 401(k) balances are almost 10% higher as Generation Z and Millennials increase their contribution rates

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Average 401(k) balances are up from last year but so are hardship withdrawals

While some Americans have boosted their 401(k) balances, others are struggling and have been forced to take hardship withdrawals.

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Americans dipping into 401(k)s to make ends meet

Bank of America said more people had been taking hardship distributions from their retirement plans in recent months.

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Americans Are Pulling From Their 401(k) at Dramatic Rate

"The number of participants taking hardship distributions increased 36 percent year-over-year," the report said.

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