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 · Getting By on Less Than $1 Million in Retirement Savings · 28 Mar 2023 podcast

And lastly, again, try to maximize your social security to the extent that you can.

Thanks for having me.

WSJ Your Money Briefing · Americans Are Drawing From Their 401(k)s to Cover Expenses · 3 Feb 2023 podcast

In 2022, we saw pretty high inflation.

And towards the end of the year, we saw some other signs of economic distress from consumers, including rising credit card balances.

Thanks for having me.

So Vanguard, which is a very large record keeper for 401k plans, they're telling me that hardship withdrawals, which people can take in certain situations that meet the definition of an economic hardship, that those hit a record level in 2022.

Granted, it's only 2.8% of the 5 million people in 401k plans at Vanguard that took these, but that 2.8% actually represents a record level for Vanguard.

And that's up from 2.1% in 2021.

So in cases involving economic hardships, about half of the people who take them are typically trying to avoid either eviction or foreclosure.

And another 15% are paying medical bills with another 10% paying college tuition.

And that data is from another 401k record keeper.

You know, Vanguard is citing a couple different factors behind the numbers.

One we can get to later that involves Congress loosening restrictions on taking these withdrawals.

Another one being that in 2022, we saw pretty high inflation.

And towards the end of the year, we saw some other signs of economic distress from consumers, including rising credit card balances, probably also tied to high inflation.

and declining savings rates so that there is some thought that this is likely an indication, another indication that consumers are under stress if they're taking early withdrawals from their retirement accounts.

There's also been a wave of layoffs, especially in recent months, that may be causing people to take money out of their retirement accounts early.

There's a couple different ways you can withdraw money before retirement.

The most common one that people use is 401k loans.

And in that case, you know, what you're really doing is borrowing money from your account and you're paying yourself back with interest.

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