Brandon’s economy is devastating Americans.
Vanguard is reporting that a record number of Americans used hardship withdrawals from their 401ks in 2022.
A hardship withdrawal allows someone to access their 401K for an “immediate and heavy financial need.”
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A record-breaking number of Americans are making emergency withdrawals from their 401(k) retirement plans in order to cover a financial emergency as high inflation rages, according to new data from Vanguard Group.
About 2.8% of workers participating in employer-sponsored 401(k) plans made a so-called “hardship” withdrawal in 2022, according to data from Vanguard, which tracks about 5 million accounts. That marks a major increase from the 2% rate recorded before the pandemic began and is also up from the 2.1% reading in 2021.
Fiona Greig, global head of investor research and policy at Vanguard, said the high number of withdrawals is “evidence that some families may be feeling the pinch and drawing on their 401(k) balances to relieve that financial stress.”
Hardship withdrawals allow workers to tap their 401(k) for an “immediate and heavy financial need.”
Americans are having to pay more for essentials under Brandon.
Inflation turned higher to start 2023, as rising shelter, gas and fuel prices took their toll on consumers, the Labor Department reported Tuesday.
The consumer price index, which measures a broad basket of common goods and services, rose 0.5% in January, which translated to an annual gain of 6.4%. Economists surveyed by Dow Jones had been looking for respective increases of 0.4% and 6.2%.
Excluding volatile food and energy, core CPI increased 0.4% monthly and 5.6% from a year ago, against respective estimates of 0.3% and 5.5%.
Trump was right — Brandon has been a disaster for Americans.