The 401(k) is doing double duty as both a retirement account and a source of emergency funds for more Americans. A record share of 401(k) account h...
The 401 is doing double duty as both a retirement account and a source of emergency funds for more Americans.
A record share of 401 account holders took early withdrawals from their accounts last year for financial emergencies, according to internal data from Vanguard Group. Overall, 3.6% of its plan participants did so last year, up from 2.8% in 2022 and a prepandemic average of about 2%. Retirement plans such as the 401 are designed to keep Americans’ nest eggs out of reach until later in life. And values in...
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