Hardship withdrawals from 401k retirement accounts hit a fresh record. Up 30% on the year and tripling the pre-pandemic rate.

Hardship withdrawals from 401k retirement accounts hit a fresh record. Up 30% on the year and tripling the pre-pandemic rate. 1 in 7 Americans now has a loan against their 401k. Nearly half borrowed to avoid foreclosure. With medical bills coming in #2. With household debt also hitting a fresh record of nearly $150,000 while credit cards charge 24%, people are turning to the last pot of money they have left: Their retirement savings.

Hardship withdrawals from 401k retirement accounts hit a fresh record. Up 30% on the year and tripling the pre-pandemic rate.

1 in 7 Americans now has a loan against their 401k. Nearly half borrowed to avoid foreclosure. With medical bills coming in #2.

With household debt also… pic.twitter.com/oSqZLDEBNG

— Peter St Onge, Ph.D. (@profstonge) March 12, 2024

I wish our schools would teach the children to be better money managers instead of better sex-partners. I thank my parents for teaching us not to spend money we never earned. As a contractor, I was constantly bombarded with credit card offers ( 29% interest) every time I made a purchase at Lowes or Home Depot or lumberyard. You really have to be strong to resist and stay vigilant. Freedom
Latest on the Newsletter: Why is Bitcoin Going up So Much? Read it here (it’s free!) profstonge.com/p/why-is-bitco “What’s driving the Bitcoin frenzy? Near-term, ETF’s, the Bitcoin “halving,” and of course ongoing inflation.” “For the long-run, the fundamental value of a Bitcoin is what degree it replaces paper money when fiat dies — which it always does. If you think people underestimate those odds, it’s a buy.” Peter St. Onge
“A man who chooses between drinking a glass of milk and a glass of a solution of potassium cyanide does not choose between two beverages; he chooses between life and death. A society that chooses between capitalism and socialism does not choose between two social systems; it chooses between social cooperation and the disintegration of society. Socialism is not an alternative to capitalism; it is an alternative to any system under which men can live as human beings.” — Ludwig von Mises
In a bold move, Shell management considers focusing on… selling oil You’d think management never would have given in to the climate mafia, considering Shell’s entire value as a company is fossil fuels. But then that would assume they had a spine – Peter St. Onge

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