Financial experts concerned about record high 401(k) withdrawals

Results of a brand-new survey could be another indication that inflation is taking a big toll on more and more Americans.

The latest numbers come from financial company Vanguard, which found the number of people dipping into their 401(k)s hit an all-time high in October.

"Just going into your 401(k) in order to pay living expenses is not the best idea," said Financial Planner Steve Overton with Ameriprise Financial.

Overton says he gets it. Prices are high. Budgets are tight. And a 401(k) looks like a tempting way to deal with it.

[sheilanorris]

I can think of 87.000 reasons to pull money out of a financial institution.

[dominiicp]

This guy wants you to get another credit card or borrow against the debt you already have or burden your family. Just make the best decision for yourself and remember corporate media only gives approved messages from the oligarchs and if you don't know this by now then shame on you

[l.ls.]

These same people in their retirement years will be crying the blues for this incredibly stupid decision.

[cosmicinsane]

401k is the best way to get a car loan.