401Ks Raided: It’s getting bad. Hardship withdrawals from retirement accounts soared last year by 30% to 3.6 million

Now we know why consumers are spending — they’re raiding the 401k. Hardship withdrawals from retirement accounts soared last year by 30% to 3.6 million. The top reasons are avoiding eviction or foreclosure and unpaid medical bills. This brought the average 401k balance down to $107,700 — at 5% that’s enough to provide precisely $448.75 per month in retirement. Keep in mind that’s workers — we can only imagine what’s happening to people who don’t have a job.  See clip below

Now we know why consumers are spending — they’re raiding the 401k.

Hardship withdrawals from retirement accounts soared last year by 30% to 3.6 million. The top reasons are avoiding eviction or foreclosure and unpaid medical bills.

This brought the average 401k balance down… pic.twitter.com/8rRjP4dcsk

— Peter St Onge, Ph.D. (@profstonge) November 28, 2023

And we’re off again: total US debt rises $61BN overnight, hits record $33.827 trillion on Friday. $173BN away from $34Trillion, and we hit $33Trillion just 2 months ago. – ZeroHedge

BREAKING: New home prices just crashed by the largest amount on record, down 18% over the last year. According to Reventure, this is the biggest annual decline back to 1965. Even in the worst month of the 2008 financial crisis, the biggest decline was 15%. The worst part? New home prices are still up ~24% from their pre-pandemic levels. As mortgage demand hits its lowest since 1994 and affordability is at all time lows, builders are in trouble. The average selling price for a new home is down almost $90,000 since last year. How can this end well? Last year at this time, the average new home was selling for a record $496,800. Now, the average new home is selling for $409,300. As higher rates are here to stay, home builders are likely in for a rough 2024.  – The Kobeissi Letter

Americans are taking hardship withdrawals from their 401k savings to cover housing and medical bills amid higher cost-of-living pressures.

Also, 2.8% of Fidelity participants took a loan against their account. Overall, about 1 in 6 workers, or 17.6%, has an outstanding loan. pic.twitter.com/2Wc5AnIquL

— Kurt S. Altrichter, CRPS® (@kurtsaltrichter) November 26, 2023

Comments – Threads – Links

• No, Washington needs to stop the counterfeit crooks who are stealing from employees’ pensions and 401k’s. We need a regulator or member of Congress brave enough to call out the fraud happening in our financial markets. Or we will watch them stay silent and then scramble to give an explanation if the Secret Service – which goes after counterfeiters- gets to the crooks first.  – Kristen S

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