401K Cash-Outs: A Retirement Security Threat

Vanguards report reveals a troubling trend: one-third of job-changers in 2023 cashed out their 401(k) balances, potentially jeopardizing their long-term financial security. Hourly workers are more likely to do so, possibly due to income volatility. Transamericas survey shows that 37% of workers have taken loans or early withdrawals from their retirement accounts due to financial emergencies. Financial experts stress the importance of an emergency fund to prevent early retirement withdrawals.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.