Report: More Americans are using 401k savings to pay for bills

Bank Of America says the number of people pulling out cash from their 401ks has increased by 27% since the first quarter of the year.

News 12 Staff

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Nov 8, 2023, 1:14 PM

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Updated 409 days ago

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A growing number of Americans are being forced to dip into their retirement funds to help pay off bills, according to a report by Bank of America.

Bank Of America says the number of people pulling out cash from their 401ks has increased by 27% since the first quarter of the year.

Despite high gross domestic product numbers and low unemployment, Americans are still facing a cash crunch caused by the rising cost of living and high inflation.

MORE: 6 things to know before you start a 401(k)