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Retirement Hardship 401k withdrawals increasing amongst Americans (#343)
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Manage episode 443743698 series 3320629
Kandungan disediakan oleh A.B. Ridgeway, CPWA®️, MBA, A.B. Ridgeway, and MBA. Semua kandungan podcast termasuk episod, grafik dan perihalan podcast dimuat naik dan disediakan terus oleh A.B. Ridgeway, CPWA®️, MBA, A.B. Ridgeway, and MBA atau rakan kongsi platform podcast mereka. Jika anda percaya seseorang menggunakan karya berhak cipta anda tanpa kebenaran anda, anda boleh mengikuti proses yang digariskan di sini https://ms.player.fm/legal.
In this episode, A.B. Ridgeway discusses the concerning trend of more Americans withdrawing funds from their 401k and retirement accounts to cover day-to-day expenses and emergencies. Through real-life stories, A.B. highlights the financial risks of early withdrawals and emphasizes the importance of building a solid emergency fund and proper financial planning to avoid raiding retirement savings prematurely.
Key Takeaways:
- Rising Hardship Withdrawals Increasing numbers of Americans are tapping into their 401k and retirement accounts to survive financial hardships. Inflation and economic pressures are pushing individuals to use their retirement savings as emergency funds.
- The Long-term Cost of Short-term Solutions Withdrawing from retirement accounts prematurely can lead to heavy penalties, taxes, and long-term financial consequences, leaving individuals unprepared for their future retirement needs.
- The Importance of Emergency Funds and Insurance Instead of relying on retirement savings for emergencies, individuals should focus on building emergency funds and considering insurance options like long-term care to handle unexpected expenses.
Memorable Quotes:
- "Why are so many people using their 401k to fund their lifestyle? Is there a disconnect?" — A.B. Ridgeway highlights the growing concern of Americans relying on retirement savings for everyday expenses instead of financial planning.
- "This is the mentality, ladies and gentlemen, that is making a majority of Americans go broke and not have retirement." — A.B. Ridgeway stresses the dangers of short-term decisions that jeopardize long-term financial stability.
- "It's better to have it and not need it than to need it and not have it." — A.B. Ridgeway on the importance of preparing for medical emergencies with proper savings and insurance.
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*Disclaimer: This communication is not intended as an offer or solicitation to buy, hold or sell any financial instrument or investment advisory services. Any information provided has been obtained from sources considered reliable, but we do not guarantee the accuracy or the completeness of any description of securities, markets or developments mentioned. This is strictly for information purposes. We recommend you speak with a professional financial advisor.
Video/Audio credit: PBS
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