Worrying new 401(K) trend sets alarm bells ringing on state of US economy
More Americans than ever before are tapping in to their 401(k) funds to cover money emergencies - another warning sign that the economy is struggling and a recession looms. Nearly five percent of retirement account holders made early withdrawals last year for expenses like medical bills or avoid foreclosure on their home, according to Vanguard Group. That's a record high, up from 3.6 percent in 2023. Before the pandemic, just two percent of 401(K) holders would withdrew funds before the typical access age of 59 and a half.
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