401(k) Hardship Withdrawals Hit Record High as Inflation Squeezes Americans
- Record 3.6% of workers made 401(k) hardship withdrawals in 2023 amid high inflation
- Marks highest level since Vanguard began tracking data in 2004
- Workers tap 401(k) funds for immediate financial needs like medical bills
- 40% withdrew to avoid foreclosure in 2022, up from 36% in 2021
- High inflation erodes purchasing power and pushes Americans to use credit cards
