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More federal employees tapped retirement savings in shutdown
The Washington Post: The financial pressure of the partial government shutdown in early October caused some federal employees to tap their retirement savings in a way that could harm their long-term financial security, members of an advisory board said Monday.
Officials of the Thrift Savings Plan, a 401(k)-style retirement savings plan for federal workers, told the board that about 14,000 employees took hardship withdrawals in October, the highest number in the TSP’s more than two decades of existence. A normal month is in the 10,000-12,000 range, and the October withdrawals averaged about $9,300, about $400 above average.
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