401(k) ‘last resort’ withdrawals climb as experts warn of future hardship

A growing number of Americans are making emergency withdrawals from their 401(k) retirement plans as inflation remains high.
While some 401(k) plans make it possible to take cash out for an emergency, the step comes with consequences.
Full story: www.boston25news.com/news/loc...

[@KPad87]

Gotta have that emergency fund

[@icecold8974]

This is horrible, people are eroding away their chances at retirement. I rather file bankruptcy than take my 401k and Roth.

[@YourRichLifeMedia]

I don’t believe you can. If you have any savings, even retirement, you can’t file. Unless you’re retirement is in a trust

[@icecold8974]

@@YourRichLifeMedia it depends on the situation, I filed chapter 7 and my Roth wasn’t touched, but it’s not a huge significant amount.

[@YourRichLifeMedia]

@@icecold8974 Ahhh okay.

[@fitforgods]

Most people are broke now . Struggling wow you got thousands of dollars in your account and you can’t pay rent and you barely buy food.

[@1angrykoala]

And all you have to do is wait half a lifetime and if inflation doesn't (which it will) eat up its value you'll have a semi modest amount of money to live on for a few years.
Gimme a break.

[@untouchable360x]

Can’t give up the cocaine habit. 😊

[@fitforgods]

More and more giving me a reason not to put to much in a 401k. It’s my money. Wall Street getting paid .. invest in yourself 401k is not a safety net remember 15 years ago

[@kingjudfncs]

Please don’t listen to this story just get rich and ignore this scam they want you to work the rest of your life and be miserable

[@Josh-jr4hi]

Bidennomics

[@paulbrungardt9823]

Bingo---Be sure to vote in November.

[@angelacross3109]

Vote for tDump so he can CUT social security to give MORE tax cuts to his wealthy sponsors! Biden doesn't control these corporations who are making massive profits off the backs of the middle class and poor!