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GOBankingRates
GOBankingRates
Jake Safane

A Record Number of Americans Are Tapping 401(k)s for Emergencies — Should You?

Chris Boyd Vanguard Empower
designer491 / Getty Images/iStockphoto

The average American’s defined contribution plan retirement savings rate is at an all-time high, according to Vanguard data. Yet at the same time, more Americans are tapping their 401(k)s or similar plans for emergencies. In 2024, 4.8% of plan participants took hardship withdrawals, up from 3.6% in 2023 and 2.8% in 2022, according to Vanguard.

Be Aware: Dave Ramsey: The Biggest 401(k) Mistake People Make

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