Remember, things are totally awesome in the Biden economy. The Credentialed Media tells us so. And then they let the cat out of the bag
Workers are still raiding their retirement savings at record rates
The share of workers robbing from their future selves remains at an all-time high.
Thirty-seven percent of workers have taken a loan, early withdrawal, and/or hardship withdrawal from their 401(k) or similar plan or IRA, according to a survey released Thursday by the nonprofit Transamerica Center for Retirement Studies (TCRS) in collaboration with the Transamerica Institute. That matches 2022’s level, which is also the highest level in the history of the survey.
Those withdrawals underscore why many workers have a pessimistic outlook for their retirement as they grapple with a lack of emergency funds and stretched household budgets that have forced them to tap their nest eggs. The practice could become even more prevalent as new rules make it easier to do so.
“I am deeply concerned about the fragility of retirement security for so many workers,” Catherine Collinson, CEO and president of Transamerica Institute and TCRS, told Yahoo Finance.
“The pandemic and last year’s turbulent economy with high inflation and falling stock markets took a toll on workers’ employment, finances, and retirement preparations. Without extra support from policymakers and employers, it will be extremely tough for many workers to recover.”
There are a handful of charts at the article which show the reasons why people are raiding different types of retirement savings at record rates. The top 2 are for emergency medical expenses and avoiding eviction. The cost of living is so much higher thanks to COVID and Bidenomics, which, at best, offers no help, at worst, cranks up consumer costs. It also doesn’t help that many have gone hogwild post COVID and are spending way beyond their means, rather than spending on the essentials.
When I promised Mrs Pico a new kitchen, I took a loan from my 401(k) plan, and it actually worked out quire well. I was repaying myself, including the interest, and as I was doing so, my retirement accounts shot up. With the 15% I was already putting in from my paychecks, and the loan repayments, much of which was hitting when the stock market was down, as it rose again, I made real progress.
But didn’t Brandon just recently crow about how he’s created more jobs than any President in history?
And the media failed to challenge this false claim.
#CostOfLivingUp16%
#LetsGoBrandon
Bwaha! Lolgf
Mr Teach is right that America is still recovering from the Trump Pandemic and record high unemployment. Admirably, Congress, Trump and Biden passed fiscal stimulus bills that smothered the recession but contributed to inflation. The 2009 recession would have been much shorter if they’d authorized more spending early.
The Fed is trying to reduce inflation by inducing a recession, but the economy has been resistant to their entreaties. The unemployment rate is sticky at 3.6%, but economy “only” added some 200,000 jobs last month. GDP continues to increase each quarter.
Rimjob posts no citations to backup his misleading and meaningless propaganda.
Just a hodge podge of leftist talking points.
But then again it’s Rimjob.
https://datavisualizations.heritage.org/markets-and-finance/the-biden-inflation-tracker/
#16%CostOfLivingIncrease
#HeckuvaJobJoey
Bwaha! Lolgf
LOL. DeepThroat will swallow anything!!
His “data” shows eggs up 229% since Trump lost, but they’re available for $1.20 a dozen all over everywhere (Target for $0.99/dozen!!), which is less than you’d pay in 2020. Thank you President Biden for lowering the cost of eggs!
That’s the hazard of relying on the biased far-fight Heritage site.
Rimjob cherry picks the current price of eggs to invalidate the whole report.
Nice try, dumbfuck.
But then again it’s Rimjob.
Guess Bidenonomics really is working.
#HeckuvaJobJoey
Bwaha! Lolgf
DeepThroat whines about cherrypicking data…
Eggs were by far the most expensive item in their graph. Did they get it wrong?
Nice try, dumbfuck.
Rimjob doesn’t understand why the price of eggs has fallen over the past few months.
Maybe he should take a course in Eggonomics to find out that Brandon had nothing to do with it.
Some times ya just gotta hit a mule twice in Missouri.
#EggonomicDumbfuckFromAfftonMo
Bwaha! Lolgf
The largest single category for withdrawals was for medical expenses (17%). Which is also a leading cause of bankruptcies.
39% was the combined investments in new homes, home repairs/remodeling, tuition. Usually borrowing from yourself is cheaper than an outside loan.
Preventing evictions and disaster expenses totaled 31%.
Journalists believe that the money you save for the future doesn’t still belong to you and that there is something wrong with people making choices about when to spend their own money for their own benefit.
And Mr Teach reports it, not as a criticism of financial media, but as a jab at President Biden.
So?
#HeckuvaJobJoey
Bwaha! Lolgf
Wages are up 6% from last year
Inflation last at 4% and drooling for last 9 months
USA pumping more oil now than the Trump average, but if course we still must pay the world market price demanded by Trump’s good friends the Saudis whom Trump also allowed to buy the largest oil refinery in the USA
But they did give his son in law 2 billion so I guess that makes it ok