It is 16 minutes after 11. You're listening to Kendall and Casey on 93 WIBC. So the number

of people who made a hardship withdrawal from their 401k has surged increased 36%. That's

a whole lot of people who are struggling. It's Kendall and Casey on 93 WIBC.

Yes, we did this story yesterday. CBS had it about the amount of people who are paying

their bills based on their 401k, which means they're not making enough money or their

spending habits are making us so that they can't get it done with what they've got week

to week. And I thought this was an interesting story. I said, there's got it. Let's do a

deeper dive on this because it's clearly affecting people over the country, it's affecting

people on our radio show. And luckily, we got a guy. We got a guy. And he's one of the

best in all the land. Of course, you know, Amy does advertise on this radio show. The

great, great Bill Demory. How are you, my friend? I'm doing well. You're always

looking so happy. I've never seen somebody as happy as you. And I gather that's because

you make other people happy. I'm just an internal optimist. Yeah, you are. Okay. So let's,

let's talk about this. First of all, should we be concerned that people are dipping into

their 401ks to pay these necessities and why? Yeah, the 401k is not where we should be

dipping. And the reason being is that we're under age 59 and a half in order to dip, we

have to pay a 10% penalty to the IRS and then at taxes on top of that. So we don't want

to use the 401ks for anything other than retirement. Yeah. So they were talking about these

hardships and some of these things, I guess, get exemptions from the government. Can you

go into that because they had a list of things that they'll exempt. But the IRS is usually

not very forgiving. I'm going to guess there's quite a few hurdles to go through to avoid

to get those exemptions. Don't want to avoid your question, but I want you and your listeners

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