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 36% from the second quarter of 2022.
  • It’s a “pretty troubling” development if more people are resorting to making hardship withdrawals, saysMatt Schulz, chief credit analyst at LendingTree.

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