In the event of an emergency, you can crack your nest egg, but financial advisers say it should be a last resort
A rise in hardship withdrawals from retirement accounts is driven by financial strain and looser regulations, plan providers saySqueezed by higher prices and short on cash, more Americans are tapping their 401s for financial emergencies.
A record 2.8% of the five million people in 401 plans run by Vanguard Group tapped their retirement savings in 2022 to cope with hardships such as medical bills, eviction or foreclosure, the company said. That is up from 2.1% in 2021 and a prepandemic average of about 2%.
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