A record number of American workers cracked into their retirement savings as inflation soared last year, a dangerous sign that the bulwark amassed by households across two stimulus-flush pandemic years is fading.
, suggests the upholstery is getting threadbare. That’s important to keep in mind as more tech and financial services employers announce cutbacks .
Personal financial health affects consumer behavior and economic expectations as well — something the Federal Reserve is eyeing closely as it weighs new rate hikes to stamp out inflation. We’ll get a clearer sense of both later today with the New York Fed’s monthly inflation survey and the Federal Reserve’s consumer credit report.Greig told MM. The actual percentage of Vanguard plan participants who’ve tapped into their retirement accounts to address hardships is still only about 0.5 percent.
More are likely to take advantage of that pot of money in 2024. The government funding law signed by President Joe Biden last month includes a set of changes, known as Secure 2.0, that will allow individuals to withdraw up to $1,000 from their 401s without paying a tax penalty.that will make it easier to save, including auto-enrollment in plans and new rules that would allow companies to match their employees’ student loan payments with retirement contributions.
“Are we going to see an increase in hardship? Possibly, but I think there are really positive provisions in Secure 2.0 that might help protect that nest egg,” Greig said.is now the House speaker. What’s something that took you 15 or more attempts to nail? Mine’s Detroit pizza . Please send tips to
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