Bidenomics: People Draining Their Retirement Accounts To Survive
So, we already know that credit card debt is skyrocketing (though CNN thinks this is OK because Biden is president), credit card delinquencies are rising fast, and non-mortgage interest rates are crushing Americans. So why not hit up the retirement accounts?
Inflation Is Forcing Americans To Drain Their Retirement Accounts Just To Stay Afloat
The share of people who withdrew from their 401(k) for financial emergencies surged to a record high in 2023 as Americans looked to counteract rising prices and shrinking paychecks, according to The Wall Street Journal.
Around 3.6% of 401(k) participants at investment manager Vanguard Group pulled money from their account, compared to 2.8% in 2022 and above the pre-COVID-19 pandemic average of about 2%, according to data from the company given to the WSJ. Americans have been increasingly stressed by high inflation, which has increased prices by 18% overall since President Joe Biden first took office in January 2021.
Of those who withdrew cash from their 401(k) for hardship purposes in 2023, nearly 40% did so to prevent foreclosure on their property, up from 36% in 2022, according to the WSJ. Around 75% of Americans who pulled out of their accounts for hardships pulled out $5,000 or less.
It might not be that huge of a number, but, you combine it with everything else, and it’s no wonder that consumer confidence has plunged. That, while the numbers are slightly, slightly better, people are not thrilled by the economy. And 79% of Americans are dissatisfied with the way things are going. And it seems, per a Pew poll last month, that Americans are mostly seeing any positive economic news as being in spite of Biden, that it’s happening despite Biden.
The post Bidenomics: People Draining Their Retirement Accounts To Survive appeared first on Pirate’s Cove.
Source: https://www.thepiratescove.us/2024/03/20/bidenomics-people-draining-their-retirement-accounts-to-survive/
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