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More Americans Borrowing from 401(k)s to Get By Financially

401(k) data from Bank of America shows savers increasingly dipping into their retirement funds to make ends meet. As inflation slowly recedes from last year's highs, many Americans are still struggling to pay their bills. Newly released data from Bank of America reveals concerning signs that retirement savers are increasingly borrowing from their 401(k)s to make ends meet. Growing 401(k) hardship and loans Bank of America (BoA) recently released its 2023 Q2 "Participant Pulse" rep...
United States Lorna Sabbia Bank Of America Retirement Savings Retirement Saving
Source: yahoo.com

US workers estimate they need $1.8M to retire: survey

Workers in the United States believe they will need to save around $1.8 million for retirement, as inflation continues to fuel anxieties over savings, according to a survey from Charles Schwab. This estimate is up from last year’s $1.7 million, with 37 percent of respondents stating they think it’s very likely they will reach this number,…
United States Jerome Powell Brian Bender Logica Research Federal Reserve Charles Schwab
Source: yahoo.com

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