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Benzinga
Benzinga
Business
Mohd Haider

401(k) Hardship Withdrawals Rise To 4.8% As Expert Warns 'It Should Be A Last Resort'

Vanguard Vanguard Group Inc Donald Trump
Portland,,Or,,Usa,-,Dec,3,,2021:,The,401(k),Plans

Hardship withdrawals from 401(k) plans surged to 4.8% of participants in 2024, up from 3.6% in 2023, according to Vanguard Group Inc. data. The increase reflects growing financial pressure on American workers seeking immediate cash access.

Tax Penalties Make Early Access Costly

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