Bad news for Sugar Bowl tix

Hardship 401 withdrawals are through the roof. That's ok- it will lead to a glut of houses on the market once folks can't bleed anymore and they have to sell.

If I'm Trump on Thursday,

i point to this one stat and let Biden mumble through his explanation.

But of course we know moderators are only going to be interested in Jan 6th- because that's what's keeping them from paying their bills.

http://www.morningstar.com/news/marketwatch/20240625119/hardship-withdrawals-from-401k-plans-rocket-nearly-40-as-savers-fight-to-save-their-homes

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HHusky

Fewer than 4% of savers took a hardship withdrawal.

The sky is falling, of course.

thechatch

https://hardcorehusky.com/discussion/comment/1973389#Comment_1973389

And they should’ve invested in Nvidia

georgiaduck

The number of hardship withdrawals per 1,000 savers soared about 40% last year and have doubled since 2021, Vanguard reports. And the main reason people were raiding their retirement accounts was to avoid losing their home.

What a bunch of losers-F'em. We got our already, let them sleep in the street.

MelloDawg

https://hardcorehusky.com/discussion/115127/bad-news-for-sugar-bowl-tix

It’s weird you identify specifics for him to focus on for strategy when you’re going to declare him the winner either way.

HHusky

https://hardcorehusky.com/discussion/comment/1973407#Comment_1973407

And contributing reasons for the increase are listed in the article. You should have read it.

EverettChris

https://hardcorehusky.com/discussion/comment/1973409#Comment_1973409

This response has nothing to do with what you quoted.

Is it that complex and nuanced?

georgiaduck

Rising numbers of Americans are making emergency "hardship withdrawals" from their 40(k) plans to avoid eviction or foreclosure, new data reveal.

The data, from investment and retirement giant Vanguard, raise new fears about the looming retirement crisis facing millions-and about just how widespread the current "economic boom" really is.

The number of hardship withdrawals per 1,000 savers soared about 40% last year and have doubled since 2021, Vanguard reports.

And the main reason people were raiding their retirement accounts was to avoid losing their home. "In 2023, 39% of hardship withdrawals were used to avoid a home foreclosure or eviction, up from 31% of withdrawals two years earlier," Vanguard reports.

And the hammer right here-

Legislation in 2019 eased restrictions around hardship withdrawals, making it slightly easier for retirement plan participants to take them

Imagine- being able to face a less severe penalty to access your money so you don't lose your home.

That's deplorable!

HHusky

https://hardcorehusky.com/discussion/comment/1973438#Comment_1973438

You miss the part about more of the poors having retirement accounts than in the past? The poors tend to have money issues for some reason. At least now they have 409k accounts.

georgiaduck

Didn’t miss it, not important. Great thing that more people have access to 401k. It sucks when they have to take a withdrawal to keep up with housing and groceries. Again, stinks to be poor. I know- I was there.

Please run with the campaign that higher fuel and groceries are only issues for the little people. Should work well in middle America.

But the cumulative effect of these annual withdrawals will add up over time, and will make worse what looks like a looming divide between those who have enough for retirement and those who don't. According to the most recent Federal Reserve triennial Survey of Consumer Finances, the poorest 25% of the country-which works out at about 32 million households-have median "total financial assets" of just $1,600

HHusky

yea, probably no relationship between low income and hardship

EverettChris

Embracing corporatism, warmongering, and saying “fuck the poor” is a turn I don’t see Leftists taking as their party veered suddenly to fascism, elitism, and classism.