Americans Now DRAINING Retirement Accounts to Pay Medical Bills

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Americans are increasingly withdrawing cash from their retirement savings to manage housing and medical expenses, with recent data from Fidelity Investments showing a notable rise in hardship withdrawals and loans against 401(k) accounts. In this detailed video, we examine the trend where 2.3% of workers took hardship withdrawals in the last quarter, primarily to avoid foreclosure or eviction and cover medical bills. The financial strain is evident as the Federal Reserve study highlights that Americans, outside the wealthiest quintile, have depleted their pandemic savings, leading to less cash on hand than pre-pandemic levels. The video delves into the specifics of 401(k) loans, which have seen an increase from 2.4% to 2.8% year over year, and the implications of in-service withdrawals that come with taxes and penalties but aren't required to be repaid. With the average 401(k) balance now at $107,700, showing a slight decrease from the previous quarter and stagnation over the past five years, the video explores the broader impact of these financial decisions on future retirement security. #Retirement #Savings #401k #FinancialHardship #HousingCrisis #MedicalExpenses #RetirementPlanning #FinancialStress #Economy #PersonalFinance

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Why Are People Dipping Into Retirement Cash? 0:00

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