The share of 401(k) savers who withdraw cash for a hardship is at an all-time high
The line chart shows the percentages of people with 401(k) plans who have taken hardship or non-hardship withdrawals or taken loans agains their accounts from January 2004 through October 2022.
Data as of October 2022 Hardship withdrawals are for an immediate (and often expensive) financial need that meets specific criteria. Non-hardship withdrawals are those savers take after age 59½. Some plans also allow them in other circumstances. Loans are withdrawals that must be paid back.Chart:Gabriel Cortes / CNBCSource:Vanguard