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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.
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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
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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.
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