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The Right Coast
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Americans are pulling money out of their 401(k) plans at an alarming rate | CNN Business

By Thomas A. Smith
Minneapolis CNN    

More Americans are tapping their 401(k) accounts because of financial distress, according to Bank of America data released Tuesday.

The number of people who made a hardship withdrawal during the second quarter surged from the first three months of the year to 15,950, an increase of 36% from the second quarter of 2022, according to Bank of America s analysis of clients employee benefits programs, which are comprised of more than 4 million plan participants.

via www.cnn.com

This is bad news but hardly surprising.