Why more Americans are making hardship withdrawals from retirement accounts
Why more Americans are making hardship withdrawals from retirement accounts
For a growing number of Americans, retirement accounts are doing double duty as savings accounts for the future and emergency funds for the here and now. Vanguard Group says that 2023 saw early withdrawals from a record 3.6 percent of the 5 million accounts it administers, up from 2.8 percent in 202...
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I had a "good" job at one point. I didn't put money into a 401k because I knew I wouldn't be employed there forever.
Let's say you're 25 and you put 6% of $50k/yr into a 401k and then get fired 4 years later but then the best job you can find afterwards pays only a bit more than half of what you were making. You don't get that back that until you're 65 or whatever. That would have been $12k that's just gone. I want to actually live to be 65. I needed that money. I'm glad I didn't do that.
I might not have a retirement but at least I've (so far) never been homeless or had to live in my car.