Vanguard reports record number of “hardship withdrawals” from 401ks

Joe Biden’s economy is destroying Americans.

Vanguard is reporting that a record number of Americans will use hardship withdrawals from their 401k in 2022.

A hardship withdrawal allows someone to access their 401K for an “immediate and pressing financial need.”

Fox13 reported:

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A record-breaking number of Americans are taking emergency withdrawals from their 401(k) retirement plans to cover a financial emergency caused by high inflation, according to new data from Vanguard Group.

About 2.8% of workers participating in employer-sponsored 401(k) plans took a so-called “hardship” withdrawal in 2022, according to data from Vanguard, which tracks about 5 million accounts. This marks a large increase from the 2% rate recorded before the start of the pandemic and is higher than the 2.1% reading in 2021.

Fiona Gregg, Vanguard’s global head of investor research and policy, said the high number of withdrawals is evidence “some families are feeling the pinch and drawing on their 401(k) balances to relieve that financial stress.”

Hardship withdrawals allow workers to tap their 401(k) for an “immediate and pressing financial need.”

Americans will have to pay more for essentials under Joe Biden.

CNBC reported:

Inflation rose in early 2023, as rising shelters, gas and fuel prices took their toll on consumers, the Labor Department said Tuesday.

The consumer price index, which measures a broad basket of general goods and services, rose 0.5% in January, translating to a 6.4% annual gain. Economists polled by Dow Jones were looking for individual increases of between 0.4% and 6.2%.

Excluding volatile food and energy, core CPI rose 0.4% monthly and 5.6% from a year ago, versus estimates of 0.3% and 5.5%, respectively.

Trump was right – Joe Biden has been a disaster for Americans.

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