The Epoch Times
The Epoch Times
AD
The Epoch Times
Personal Finance

More Americans Tapping Into Retirement Savings as ‘Hardship’ Withdrawals Rise

Americans are increasingly pulling money out of their 401(k) plans to pay bills, suggesting households are under growing financial strain.
More Americans Tapping Into Retirement Savings as ‘Hardship’ Withdrawals Rise
US dollar currency is counted in Los Angeles, Calif., on Sept. 22, 2023. Patrick T. Fallon /AFP via Getty Images
Tom Ozimek
Tom Ozimek
Reporter
12/1/2023|Updated: 12/3/2023
0:00

A significant jump in the number of Americans yanking money out of their 401(k) accounts to pay bills and buy necessities is the latest sign that the U.S. consumer is experiencing increasing levels of financial strain.

A new report from Fidelity, the nation’s largest provider of 401(k) plans, reveals a troubling trend—Americans are increasingly tapping their retirement savings in the form of hardship withdrawals and loans.
Tom Ozimek
Tom Ozimek
Reporter
Tom Ozimek is a senior reporter for The Epoch Times. He has a broad background in journalism, deposit insurance, marketing and communications, and adult education.
twitter
Author’s Selected Articles
Trump Extends Jones Act Waiver for 90 Days to Ease Energy Crunch
Apr 24, 2026
Trump Extends Jones Act Waiver for 90 Days to Ease Energy Crunch
Israel Says It’s Ready to Hit Iran’s Core Infrastructure, Awaits US Green Light
Apr 24, 2026
Israel Says It’s Ready to Hit Iran’s Core Infrastructure, Awaits US Green Light
US Forces Board Sanctioned Iran-Linked Tanker in Indian Ocean
Apr 23, 2026
US Forces Board Sanctioned Iran-Linked Tanker in Indian Ocean
Senate Approves $70 Billion Budget Plan to Fund ICE, Border Patrol Through 2029
Apr 23, 2026
Senate Approves $70 Billion Budget Plan to Fund ICE, Border Patrol Through 2029
Related Topics
inflation
401k
hardship withdrawal
AD
Add to My List
Save
The Epoch Times
Copyright © 2000 - 2026 The Epoch Times Association Inc. All Rights Reserved.