Morning Business Report: Americans tapping retirement savings as hardship withdrawals hit record high while homeowners stay put and stocks rebound
Americans are tapping retirement savings as financial pressures grow while homeowners stay put and markets rebound.
(LILAMAX)-More Americans are turning to their retirement savings to cover financial emergencies as economic pressures continue to mount. New data from Vanguard Group shows that six percent of workers with 401(k) plans it administers took hardship withdrawals last year, marking a record high. Before the pandemic, the average rate was around two percent. The increase represents the sixth consecutive year…