Remember, things are totally awesome in the Biden economy. The Credentialed Media tells us so. And then they let the cat out of the bag
Workers are still raiding their retirement savings at record rates
The share of workers robbing from their future selves remains at an all-time high.
Thirty-seven percent of workers have taken a loan, early withdrawal, and/or hardship withdrawal from their 401(k) or similar plan or IRA, according to a survey released Thursday by the nonprofit Transamerica Center for Retirement Studies (TCRS) in collaboration with the Transamerica Institute. That matches 2022’s level, which is also the highest level in the history of the survey.
Those withdrawals underscore why many workers have a pessimistic outlook for their retirement as they grapple with a lack of emergency funds and stretched household budgets that have forced them to tap their nest eggs. The practice could become even more prevalent as new rules make it easier to do so.
“I am deeply concerned about the fragility of retirement security for so many workers,” Catherine Collinson, CEO and president of Transamerica Institute and TCRS, told Yahoo Finance.
“The pandemic and last year’s turbulent economy with high inflation and falling stock markets took a toll on workers’ employment, finances, and retirement preparations. Without extra support from policymakers and employers, it will be extremely tough for many workers to recover.”
There are a handful of charts at the article which show the reasons why people are raiding different types of retirement savings at record rates. The top 2 are for emergency medical expenses and avoiding eviction. The cost of living is so much higher thanks to COVID and Bidenomics, which, at best, offers no help, at worst, cranks up consumer costs. It also doesn’t help that many have gone hogwild post COVID and are spending way beyond their means, rather than spending on the essentials.
Read: Bidenconomy: Workers Still Raiding Their Retirement Savings »