Inflation Drains Americans' Retirement Savings
-
The average 401(k) balance fell by 4% in the latest quarter as more Americans took hardship withdrawals due to inflation.
-
Fidelity reported a rise in hardship withdrawals, from 1.8% to 2.3%, as well as an increase in 401(k) loans.
-
57% of adults said they couldn't afford a $1,000 emergency expense due to inflation.
-
October's inflation rate of 3.2% is down from September but still well above the Fed's 2% target.
-
More Americans are tapping retirement accounts early, despite penalties, to make ends meet.