Business

Americans haven’t raided their 401(k)s

Here are three of the week’s top pieces of financial insight, gathered from around the web:

Americans haven’t raided their 401(k)s
Few Americans have taken advantage of a law that eases access to their retirement money during the pandemic, said Anne Tergesen and Corrie Driebusch at The Wall Street Journal. In March, Congress “loosened withdrawal rules” to allow savers to “pull as much as $100,000 from IRAs or 401(k)-type plans” without early withdrawal penalties as long as the money is repaid within three years. Despite the favorable terms, Fidelity, the country’s largest 401(k) provider, said just 4.6 percent of clients have used this option, only slightly more than the percentage of people who take a hardship distribution in an ordinary year.

Source:

theweek.com

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