Americans are pulling money out of their 401(k) plans at an alarming rate

More Americans are tapping their 401(k) accounts because of financial distress.

  • The number of people who made a hardship withdrawal during the second quarter surged from the first three months of the year to 15,950, an increase of 36% from the second quarter of 2022.

While the labor market remains strong, the economy is growing and consumers are spending, the global pandemic followed by two years of persistently high inflation have taken their toll on household finances.

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