Joe Biden’s economy is devastating Americans. Vanguard is reporting that a record number of Americans used hardship withdrawals from their 401ks in 2022.
A hardship withdrawal allows someone to access their 401K for an “immediate and heavy financial need.”
Fox13 reported:
A record-breaking number of Americans are making emergency withdrawals from their 401(k) retirement plans in order to cover a financial emergency as high inflation rages, according to new data from Vanguard Group.
About 2.8% of workers participating in employer-sponsored 401(k) plans made a so-called “hardship” withdrawal in 2022, according to data from Vanguard, which tracks about 5 million accounts. That marks a major increase from the 2% rate recorded before the pandemic began and is also up from the 2.1% reading in 2021.
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