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Americans are increasingly tapping their retirement savings to cover housing and medical bills amid higher cost-of-living pressures, according to data from Fidelity Investments.
Some 2.3% of workers took a hardship withdrawal last quarter, up from 1.8% a year earlier, the data showed. The top two reasons given for the uptick were to avoid foreclosure for homeowners or eviction for renters, and for medical expenses.
Americans outside the wealthiest quintile have run out of extra savings generated early in the pandemic and now have less cash on hand than they did when the pandemic began, according to the latest Federal Reserve study of household finances.
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