Americans will soon be able to take penalty-free withdrawals from their 401(k)s, but experts say think twice about using retirement savings. (via CNBCMakeIt)
found pre-retirees, Americans 56 to 61, had a median balance of $21,000 in their 401 accounts in 2016, which is the most up-to-date data on file. That total reflects almost 30 years of savings. Younger generations do not fare much better. Older millennials have about $1,000 saved in their 401s.
Additionally, Mitchell predicts that the U.S. will see an increase in applications for early Social Security benefits, particularly if the recession is long and hard. "People taking early benefits will end up with a lifetime of lower payouts, and if they already ate into their 401s, they'll be more likely to face shortfalls in their later years," she says.
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