Record number of people making 401(k) withdrawals to cover immediate expenses
www.independent.co.uk
Hardship withdrawals from 401(k) accounts have tripled since pre-pandemic
  • DragonAce@lemmy.world
    23·
    2 months ago

    My 401k is completely gone. My wife left me hi and dry about a year and a half ago and I’ve been unable to find employment. So I burned thru my 401k and now I have no idea how I’m gonna make rent next month.

    • AdolfSchmitler@lemmy.world
      2·
      2 months ago

      I was thinking the exact same thing lol.

      Maybe they searched for an image of “someone thinking” and that popped up.

      • mcv@lemmy.zip
        2·
        2 months ago

        It’s not just the thumbnail. The photo is in the article, captioned “More Americans than ever are turning to 401(k) withdrawals to make ends meet”.

        I don’t think Kasparov was ever naturalised to American, was he? It’s a weirdly misplaced photo.

      • Clent@lemmy.dbzer0.comEnglish
        4·
        2 months ago

        Yep. All the tax events we do are reported directory to the IRS. The audit system knows what we owe and will triggered letters and eventually garnishments.

        It’s why is so ridiculous they don’t autofile. No some free form system but literally just send it to use an invoice.

        Imagine if our utilities work this. Oops you miss read your water meter, here’s an update bill with fees and interest automatically added. Oh, you don’t have the funds? No problem, we’ve drained all your bank accounts.

        • MinnesotaGoddam@lemmy.worldBanned from community
          1·
          2 months ago

          if you are paying 50% income tax in statesia please DM me with your location, i can find you a qualified professional to help. None of my clients had an effective tax rate (state and federal combined) higher than 27%. I’m not practicing anymore but again, if you are paying 50% we can cut that by a lot.