Many people are taking money out of their retirement savings early because they need money for things like paying bills or medical expenses. This is happening more now than during the Great Recession or even during the COVID-19 pandemic. It's a worrying sign that people are struggling financially.
- More people are taking early withdrawals from their retirement accounts than in years.
- This is happening because many people are facing financial difficulties.
- Taking money out early means less money for retirement later.
| Fact | Number |
|---|---|
| Percentage of workers taking hardship withdrawals | 0.5% |
| Total number of hardship withdrawals | 250,000 |
| Percentage of workers taking 401(k) loans | 0.9% |
