Americans Forced To Tap Into Retirement Funds
This is not a good sign.
New data has found that a record breaking amount of Americans are now making emergency withdrawals from their 401(k) retirement plans simply to cover financial emergencies that they have encountered thanks to inflation caused by President Biden and the Democrats.
According to Fox, 2.8% of workers who have employer-sponsored 401(k) plans made what is being called a “hardship” withdrawal in 2022 alone.
This 2.8% of people who withdrew from their 401(k) plans marks a sharp increase in withdrawals when compared to the record high 2% rate which was recorded before the pandemic began.
Vanguard’s global head of investor research Fiona Greig explained that the surprisingly high number of withdrawals shows “evidence that some families may be feeling the pinch and drawing on their 401(k) balances to relieve that financial stress.”
This comes as now surprise as Americans continue to struggle in Joe Biden’s bumbling economy. President Biden has completely failed to tame inflation and Americans who are living paycheck to paycheck since the pandemic began are in serious financial trouble.
Elections have consequences and this past presidential election has resulted in the worst consequences for the lower to middle class.
