According to recent reports from Bank of America, Vanguard, and Fidelity, an increasing number of Americans are taking early, nonrefundable distributions from their retirement accounts—also known as “hardship withdrawals.”
“According to the latest data from Fidelity Investments’ Q3 2023 retirement analysis, account balances have decreased slightly since last quarter, while withdrawals and loans are inching up, showing the impact economic events such as inflation and market volatility can have on Americans‘ wallets—and ultimately their retirement savings.”
—Fidelity Q3 Retirement Analysis
What does this increase in hardship withdrawals mean for the future of our economy, and how can consumers better protect themselves?
Click on the video link below for exclusive insights on this topic from U.S. Money Reserve’s Coy Wells.
Related headlines from around the web:
- Fox Business: “401(k) hardship withdrawals are surging as high inflation squeezes Americans”
- Barron’s: “Retirement Accounts Are the New Emergency Funds”
- Reuters: “Gold marches ahead to the beat of a weaker U.S. dollar”
Protect your portfolio with precious metals today.
Gold has historically been used as a hedge against economic uncertainty and market turbulence. As paper-based assets like stocks continue to experience volatility and inflation continues to deflate the dollar’s purchasing power, now may be the perfect time to add wealth protection to your portfolio in the form of physical gold.
Watch U.S. Money Reserve’s “Market Insider” each week for more economic insights. Nothing herein should be considered as portfolio or retirement advice as U.S. Money Reserve (“USMR”) cannot and does not offer financial advice. Clients should consult a financial advisor for specific advice. This commentary is provided by USMR for informational purposes only and is provided on an “as is” basis without any warranty of any kind, whether express or implied. Your use of the information provided in this commentary is entirely at your own risk. In no event will USMR be held liable for any indirect, special, incidental, or consequential damages arising from the use of information contained in this commentary.
