10 August 2023
The U.S. economy is under strain as many Americans tap into their retirement funds due to financial distress. With household debt, especially credit card balances, surpassing $1 trillion, concerns are rising about a potential slump in consumer spending. Bank of America’s recent report reveals a 36% surge in “hardship distributions” from 401(k) plans compared to last year, indicating a troubling financial landscape for many.