Expert on why more Americans are withdrawing from their 401(k) retirement funds early

A recent report by Vanguard reveals a record number of Americans took early withdrawals from their 401(k) retirement savings in 2022 and 2023, signaling a concerning trend.

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[eligreg]

You don’t need an expert to tell us that the cost of living is at an unreasonable high right now.

[ryanretirement]

The reason people withdraw their 401k people need the money to survive.

[mikeforest]

We don't make 8 figure salaries like these hosts do. They are clueless what most Americans are going through

[Anitasolomon-up]

I am at the beginning of my "investment journey", planning to put 85K into dividend stocks so that I will be making up to 30% per year in dividend returns. Any advice?

[gr]

Do you really need an expert to figure out why? Are you kidding me? Wow! 😮

[MarvinOrieh]

What was that noise at 1:54 ??? Everyone was looking around like “what was that?”

[nicolasbenson]

It's recommended to save at least 15% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 15% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[richardwilson]

People die everyday without ever touching the 401k

[adelineChulack]

Recently, I've been pondering retirement. I've also invested $800K on S&P 500 so i could secure my financial future. i need an approach to invest in Stocks like Nvidia stocks and ofcourse AI stocks that will align with my risk tolerance and financial goals but it seem to be bearish right now.

[shaneomack]

I work for a huge company and I know of 5 people who haven’t put a single one of their own money into a 401k we have at work that matches your contributions.. we don’t have a money issue we have a lack of money education on this planet.

[Darcsied]

News Flash everything is more expensive now!!!

[AlbertGReene-pw]

I’ve been diligently working, saving and contributing towards early retirement and financial freedom, but since covid outbreak, the economy so far has caused my portfolio to underperform, do I keep contributing to my 401k or look at alternative sectors to meet my goals?

[Jameson]

I didn’t know until recently that a loan from your 401K was an option. I wish I knew because I would have taken a loan out for a down payment to buy a house when rates were at 3%. I missed out because I was saving up for a 20% down payment and now homes are double the price and rates are 7%!

[geoffdevore]

Probably, because they need the money in these economic challenging times!!

[KatieLibby]

The rules were eased, end of mystery.

[tadrod]

loan is still better compared to withdrawals.

[camelaMar]

I think financial hardships and emergencies play a significant role. When unexpected expenses arise, tapping into retirement savings might seem like the only option.

[toddritzman]

BIDENOMICS!!!! Americans are scraping to get by but our air headed president tells us the economy has never been stronger! I guess Ukraine would agree with him

[daveyt]

Owning a new vehicle is insane as far as cost are concerned today. Insurance is nuts! Repairs, tabs, taxes. Just like owning a home 40 years ago.

[re]

Its all about being out of debt. Get rid of the auto loans, pay off that mortgage and carry no credit card debt.