401(k) hardship withdrawals more than double as people raid their retirement savings for emergencies

1. Hardship withdrawals from 401(k)s increased from 2% in 2018 to 5% in 2024. 2. 75% of workers cite rising living costs as a major stressor. 3. Financial stress is causing $183 billion annual productivity losses for employers. 4. Employees lacking emergency savings are jeopardizing long-term retirement security. 5. Emergency savings are crucial for financial health, recommended at least three months.