Americans Aged 55 to 69 Are 4x More Likely to Take a Sizable 401(k) Withdrawal Than Those 70 or Older. But That's a Problem.
The whole purpose of saving in a 401(k) is to eventually have money to spend in retirement. So there's absolutely nothing wrong with taking withdrawals from a 401(k) later in life.
But data from Fidelity reveals that savers aged 55 to 69 are 4 times more likely to take a notable 401(k) withdrawal than those aged 70 and over. And in this context, Fidelity defines a notable withdrawal as 10% to 24% of a given plan's balance.
This data is not only surprising, but a bit unsettling. Here's why.
Source Fool.com
