{"id":1833768,"date":"2023-02-03T09:21:07","date_gmt":"2023-02-03T14:21:07","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1833768"},"modified":"2023-02-03T09:45:15","modified_gmt":"2023-02-03T14:45:15","slug":"record-number-of-americans-tapped-their-401ks-last-year","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/record-number-of-americans-tapped-their-401ks-last-year\/","title":{"rendered":"Record Number of Americans Tapped Their 401(k)s Last Year"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Frecord-number-of-americans-tapped-their-401ks-last-year%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1833768&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div><img decoding=\"async\" class=\"ff-og-image-inserted\" style=\"display: none;\" src=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-content\/uploads\/2023\/02\/100-10-3\" alt=\"image\" \/><\/div>\n<div class=\"RichTextArticleBody\">\n<div class=\"RichTextArticleBody-body\">\n<div class=\"Enhancement\">\n<div class=\"Enhancement-item\"><\/div>\n<\/div>\n<p><span class=\"ArticlePage-articleBody-firstLetter\">A<\/span> An increasing number of people tap into their intelligence <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/tag\/retirement\">Retirement<\/a> Savings accounts in 2008 during the recession <a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/fed-slows-rate-hiking-inflation-abates\">highest inflation<\/a> in four decades.<\/p>\n<p>Vanguard Group 401k accounts have seen record numbers of people tap into them and withdraw funds last year. <i>Wall Street Journal<\/i> <a class=\"Link\" href=\"https:\/\/www.wsj.com\/articles\/short-on-cash-more-americans-tap-401-k-savings-for-emergencies-11675305976\">reported<\/a> Thursday. This is a significant increase from the 2.1% rate in 2021, which was the usual 2% rate prior to the pandemic.<\/p>\n<p>Financial hardship and government actions that made it possible for account holders to withdraw their funds prompted the decision to tap into retirement savings accounts.<\/p>\n<p>Fiona Greig is Vanguard&#8217;s global head of investor policy and research. She stated that the high rate of withdrawals was a result of the lack of information. \u201cevidence that some families may be feeling the pinch and drawing on their 401(k) balances to relieve that financial stress.\u201d<\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/www.washingtonexaminer.com\/policy\/economy\/fed-slows-rate-hiking-inflation-abates\">FED LIVES LIMITS RATE-HIKING CAMPAIGN. INFLATION STARTS TO ABATE.<\/a><\/b><\/p>\n<p>Inflation was at its worst since the Great Inflation 40 years ago. The consumer price index measures inflation and it reached 9.1% in June. It has fallen to 6.5% in 12 months ended December but that is still more then three times what the Federal Reserve wants it to run at.<\/p>\n<p>Inflation-adjusted wages have been falling \u2014 meaning that workers have less purchasing power than a year ago. According to data provided by the Bureau of Labor Statistics (Bolster Statistics), the median weekly real earnings actually fell by 3.4% between 2021 and now.<\/p>\n<p>The record number of people drawing early from their 401 (k)s is due to the fact the Internal Revenue Service allows owners to tap into these accounts before they retire in case of financial hardship. You can use your 401(k)s to pay for medical bills, buy a home or prevent foreclosure, and many other reasons.<\/p>\n<p>The downside to drawing money early is that it can be costly. The funds are subject to income taxes and those under 59 1\/2 years old often have to pay a 10% penalty for withdrawing money early.<\/p>\n<p><b><a class=\"Link\" href=\"https:\/\/washingtonexaminer.com\/\">CLICK HERE TO READ MORE ABOUT THE WASHINGTON EXAMINER<\/a><\/b><\/p>\n<p>Although inflation has made it more difficult for consumers to afford their living expenses, there are still some bright spots in the economy. The hot labor market was the largest positive for 2022. Despite Fed raising interest rates multiple times, unemployment is still low.<\/p>\n<p>The unemployment rate stands at 3.5%. This is the lowest level since the 1950s. Monthly job growth was 370,000 in 2022. That&#8217;s a strong clip.<\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>A An increasing number of people tap into their intelligence Retirement Savings accounts in 2008 during the recession highest inflation in four decades. Vanguard Group 401k accounts have seen record numbers of people tap into them and withdraw funds last year. Wall Street Journal reported Thursday. This is a significant increase from the 2.1% rate &hellip;<\/p>\n","protected":false},"author":1,"featured_media":1898387,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Record Number of Americans Tapped Their 401(k)s Last Year","footnotes":""},"categories":[547],"tags":[17491,3884,4752,14305],"class_list":["post-1833768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-bongino-report","tag-401ks","tag-americans","tag-record","tag-tapped"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"Record Number of Americans Tapped Their 401(k)s Last Year","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1833768","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1833768"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1833768\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1898387"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1833768"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1833768"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1833768"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}