Anne Tergesen

speaker

4,485 appearances 83 recordings 1 series first heard Jul 2017 last heard Feb 2025

Anne Tergesen’s voice in public audio — every appearance, attributed to the second.

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WSJ Your Money Briefing · Is It OK to Tap Your 401(k) for Quick Cash? · 13 Mar 2024 podcast

There are some metrics by which that story is not true. matched

For example, you alluded to rising rates of early withdrawals from 401ks for emergency purposes. matched

And it is true that such withdrawals, which are referred to as hardship withdrawals in the industry, that those reached a record 3.6% of participants at Vanguard 401k plans in 2023. matched

So 3.6% is a pretty small percentage. matched

However, that is a record level, and it's up from 2.8% in 2022. matched

It's hard to know for sure, you know, what motivates individual people. matched

However, we're seeing trends that indicate the economy is faring well. matched

For example, like you said, the labor market is strong. matched

We're seeing real wages after inflation rise for a lot of workers. matched

However, we're also seeing, you know, some negatives. matched

For example, inflation is still trending above the 2% that the Fed wants to see. matched

So therefore, prices for key industries matched

Things like child care, some groceries have continued to rise at levels that people find painful. matched

Credit card debt reflects that. matched

People are taking on more credit card debt. matched

So you're seeing sort of a divergence there. matched

And I think the 401k data also reflects a divergence. matched

A lot of people are doing very well. matched

Those who can afford to save are really saving. matched

They're amassing larger and larger balances. matched

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