US Retirement Account Balances Hit Record in Second Quarter as More Workers Withdraw Savings for Living Costs
JH Kim
Summary
- The average balance of US retirement accounts reached an all-time high in the second quarter.
- More workers are withdrawing retirement funds as inflation increases pressure on living costs.
- The size of retirement assets has grown, but some workers are using long-term savings to cover living expenses.
Forecast Trend Report by Period
US retirement account balances reached a record high in the second quarter, even as more workers withdrew retirement savings to cover living expenses.
Cointelegraph, a cryptocurrency-focused media outlet, reported on September 7 that the average balance in US retirement accounts climbed to an all-time high in the second quarter.
At the same time, rising prices increased pressure on household budgets, prompting more workers to tap retirement funds.
While retirement assets continue to grow overall, some workers are using long-term savings to meet immediate living costs.
JH Kim
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