401(k) Hardship Withdrawals Rise

In the wake of news about a spike in new applications for unemployment benefits comes another potentially troubling sign: A record number of workers made hardship withdrawals from their retirement accounts in the second quarter.

Topics:  hardship withdrawals   
BING NEWS:
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    The most popular method for workers to save for retirement is the 401 (k), which allows employees without employer-backed pensions to independently contribute to their own retirement savings, often ...
    05/2/2024 - 1:00 am | View Link
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    Those indicators include that 59% of Vanguard 401(k) plans that allow employee elective deferrals ... but issuance rates remain below the levels seen before the pandemic. Hardship withdrawals grew ...
    05/2/2024 - 12:05 am | View Link
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    A growing number of Americans are making emergency withdrawals from their 401(k) retirement plans as inflation remains high.While some 401(k) plans make it possible to take cash out for an emergency, ...
    05/1/2024 - 12:29 am | View Link
  • When Is Using Your 401(k) to Pay Off Debt a Good Idea?
    After age 59½, you’ll only have to pay income tax on traditional 401(k)s and traditional IRAs. Withdrawals for the Roth versions of each are tax-free. There are many alternatives to 401(k ...
    04/29/2024 - 6:25 pm | View Link
  • Your Money: Don’t treat your 401(k) like an ATM
    Bruce Helmer and Peg Webb are financial advisers at Wealth Enhancement Group and co-hosts of “Your Money” on WCCO 830 AM on Sunday mornings. Email Bruce and Peg ...
    04/28/2024 - 12:00 am | View Link
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