Posted 11/29/2023, 2:18:12 PM
Americans Drain 401(k)s to Combat Inflation and Debt, Risking Retirement Savings
- 401(k) balances fell 4% in Q3 2022 due to volatile market conditions and withdrawals/loans
- Partial 401(k) withdrawals surged 30% last year as Americans tap retirement savings
- Americans raiding 401(k)s early will face stiff tax penalties and loss of retirement savings
- Credit card debt tops $1 trillion as consumers finance spending sprees
- Former White House advisor says inflation has eroded 401(k) gains, while spending is adding debt