The Epoch Times
The Epoch Times
AD
The Epoch Times
Support Us
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

Noem Waives Environmental Restrictions to Fast-Track Water Barriers in Rio Grande

Jul 03, 2025
Noem Waives Environmental Restrictions to Fast-Track Water Barriers in Rio Grande

Trump’s Tariffs Could Cost Midsize US Firms $82 Billion, JPMorgan Says

Jul 03, 2025
Trump’s Tariffs Could Cost Midsize US Firms $82 Billion, JPMorgan Says

Pardoned Jan. 6 Defendant Sentenced to Life in Prison for FBI Murder Plot

Jul 02, 2025
Pardoned Jan. 6 Defendant Sentenced to Life in Prison for FBI Murder Plot

2016 Russia-Trump Intel Assessment Marred by Political Pressures and Discredited Information: CIA Report

Jul 02, 2025
2016 Russia-Trump Intel Assessment Marred by Political Pressures and Discredited Information: CIA Report
Related Topics
inflation
401k
hardship withdrawal
Save
The Epoch Times
Copyright © 2000 - 2025 The Epoch Times Association Inc. All Rights Reserved.