Rising Costs Force Americans to Tap Retirement Savings

The rising cost of living is pushing more Americans to withdraw from their retirement savings, with hardship withdrawals from 401(k) plans more than doubling in recent years. These withdrawals, often due to immediate financial needs, can significantly impact long-term retirement savings. Experts stress the importance of emergency savings, recommending at least three months of essential expenses, to prevent premature dipping into retirement funds.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.