South Florida’s 1st News With Andrew Colton

South Florida’s 1st News With Andrew Colton

You likely saw Andrew Colton reporting live from many of the major events that have shaped our world, including the Pentagon on 9/11, the crash of...Full Bio

 

Are you Dipping into your 401(k)? You're Not Alone

Money With Open Safe

Photo: Michael Burrell / iStock / Getty Images

More Americans are dipping into their 401(k) accounts because of financial distress.

Bank of America data found that the number of those who did raid their retirement savings during the second quarter spiked from the same time last year by 36%.

Most cite the high cost of living due to inflation as the main reason Americans are making emergency withdrawals from their 401(k) accounts.


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