Business
Record number of Americans tap 401(k) for hardship withdrawals in 2025
The Big Money Show breaks down new IRS limits for 401(k)s and IRAs, giving savers more room to invest for retirement.
A record number of Americans tapped into their 401(k) retirement savings for hardship withdrawals last year due to financial challenges, new data shows.
Vanguard Group reported that 6% of participants in 401(k) plans administered by the firm took hardship withdrawals in 2025, up from 4.8% in 2024.
That figure is also well above the prepandemic average of about 2% of 401(k) plan participants per year who made hardship withdrawals from their retirement plans, Vanguard said.
The report noted that hardship withdrawals can be a sign of financial stress as workers tap into their 401(k) as a safety net that can help them cover unanticipated expenses or emergency costs.
SOME RETIREMENT SAVERS LOSE A KEY TAX BREAK UNDER NEW IRS RULE

IRA hardship withdrawals trended higher in 2025 as some savers encountered financial stress, Vanguard found. (iStock)
Vanguard added that the process for requesting a hardship withdrawal from 401(k) plans has become easier to do, which could explain the uptick in withdrawal activity.
“Given that it’s now easier to request a hardship withdrawal and that automatic enrollment is helping more workers save for retirement, especially lower-income workers, a modest increase isn’t surprising,” the firm wrote.
“And for a small subset of workers facing financial stress, hardship withdrawals may serve as a safety net that may not otherwise have been available without plan-implemented automatic solutions,” Vanguard continued.
TRUMP SAYS HE’S ‘NOT A HUGE FAN’ OF 401(K) WITHDRAWAL PLAN FOR HOMEBUYERS’ DOWN PAYMENTS

Vanguard’s report found that foreclosures, eviction and medical expenses were the leading reasons for 401(k) hardship withdrawals. (Mike Mergen/Bloomberg via Getty Images)
Avoiding foreclosures, eviction and medical expenses were the leading reasons that 401(k) participants made hardship withdrawals, while the median size of the withdrawal was $1,900, according to Vanguard.
The report found that participants were focused on financial goals throughout 2025 and saw average account balances rise by 13% due to positive market performance. Vanguard noted that 45% of 401(k) participants increased their deferral rate on their own or through an automatic annual increase.
“While there are some signs of heightened financial stress among certain workers, the broad trends in plan design and participant behavior remain strong,” Vanguard said, noting that automatic contributions have boosted savings and investment outcomes.
IRS REVEALS UPDATED RETIREMENT CONTRIBUTION LIMITS FOR 2026

Congress reformed the law to make it easier for Americans to make hardship withdrawals from 401(k) plans in 2018. (Al Drago/Getty Images)
The use of 401(k) loans – an alternative to hardship withdrawals – was flat and remained below prepandemic levels.
Congress reformed the process for taking 401(k) hardship withdrawals in 2018, making it easier to do so by eliminating a requirement that a plan participant take a loan out first before being allowed to make a withdrawal.
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Vanguard found that hardship withdrawals have risen six years in a row after the change was made.
Business
Spain’s pork industry seeks salvation from swine fever threat
Brazil, Japan, Mexico, South Africa and the US have stopped importing Spanish pork. Other countries, such as EU members, China and the UK, have taken a more localised approach, only banning pork that originates in the affected area of north-eastern Spain.
Business
Trump invokes religious rhetoric in praise of Iran rescue, drawing criticism

Trump invokes religious rhetoric in praise of Iran rescue, drawing criticism
Business
Benefits and pensions rise as two-child cap ends
Families on some benefits with three or more children will get an average rise of £4,100 a year.
Business
Russia says it downed 148 Ukrainian drones in three hours

Russia says it downed 148 Ukrainian drones in three hours
Business
Oil prices open higher as US-Israeli war with Iran continues to disrupt supply

Oil prices open higher as US-Israeli war with Iran continues to disrupt supply
Business
How a perilous US rescue mission in Iran nearly went off course

How a perilous US rescue mission in Iran nearly went off course
Business
Why the UK economy now lags behind the majority of US states
Forbes Media chairman Steve Forbes gives his take on the growing support for tax cuts in the U.K. and New Jersey’s tightening gubernatorial race on ‘Kudlow.’
In the 1800s, the United Kingdom was clearly the richest country in the world, with consistent, solid economic growth, a focus on science and engineering, plus all the benefits of trade across the oceans. But now the country seems to have lost its mojo. The country’s living standards have fallen far behind those of other developed economies.
Contrary to popular perception, Britain’s GDP per capita (the income generated by the average person) has lagged behind that of the vast majority of the 50 United States plus Washington D.C., last year, according to forecasts in the third quarter of 2025 by the U.S. government, plus recent International Monetary Fund data. Projections are needed as the final annual GDP figures were not published at the time of writing.
When those states (plus Washington D.C.) compared their GDP per capita, the U.K. would have ranked 50th, behind Alabama, which is forecast to have a nominal per capita GDP of $60,265 in 2025. Britain was slightly worse off, at $60,010, according to the latest data from the U.S. government and the International Monetary Fund. Topping the list was Washington DC with $113,369. Analysts note that the figures don’t include the cost of living; however, even with that accounted for, the U.K. still lags significantly behind the U.S. national average.
“If you leave aside Britain’s capital, London, their GDP per capita is much lower,” Marc Chandler, chief market strategist at Bannockburn Global Forex in New York City, told FOX Business. London has a huge financial center which distorts some of the data. One of the major problems has been the lack of productivity growth, which measures the increase in output per average employee, Chandler, “U.S. productivity increases have been stronger.”
MAJORITY OF UK ENTREPRENEURS SAY BRITISH GOVERNMENT IS ‘ANTI-BUSINESS,’ NEW SURVEY SHOWS

A sign showing the London Stock Exchange. (Toby Melville/Reuters / Reuters)
On average, the U.S. GDP per capita is projected to be $89,599 in 2025, considerably higher than in Britain. The UK also lags Ireland, Switzerland, Singapore, Norway and Germany, to name a few countries, according to forecasts by the International Monetary Fund. “That’s what happens when you destroy innovation, taxes are too high, and regulations are too numerous,” Robert E. Wright, an economic policy historian at the University of Austin, Texas, told FOX Business.
Wright notes there’s also a British cultural tendency toward risk aversion for many reasons. Even if a project or new business succeeds in the U.K., the company will be heavily taxed and then hampered by newly created regulations. “Not only are these barriers not helpful, but they’re also shooting themselves in the foot,” he says. “And they aren’t at the technological frontier.” American businesspeople tend to embrace risk.
UNCLE SAM TO THE RESCUE. TRUMP HELPS OUT THE UK WITH A $350 BILLION TECH DEAL

UK Prime Minister Keir Starmer. (Getty Images / Getty Images)
According to surveys, the immediate future looks bleak, suggesting Britain’s economy will not suddenly power back, according to a research report from the analysis firm Oxford Economics. “The U.K. lacks a sustainable growth driver,” the briefing states. That’s because what’s keeping the economy growing, albeit at an extra slow pace, is U.K. government spending, rather than organic growth and innovation from private-sector businesses.
Government spending has resulted in job creation and that has helped mute the headcount job losses in the private sector, according to the Oxford Economics report. “But the boost from the public sector will likely start to fade,” it states. “Given weak private sector demand, we expect the jobless rate will rise further.”
The Oxford report also shows that since the second half of 2023, government jobs have been stubbornly better paid, on average, than those in the private sector. That’s likely to get in the way of encouraging creative entrepreneurs from innovating, experts say.

A Union flag flies near the Elizabeth Tower, better known as “Big Ben”, and the Houses of Parliament in central London on March 6, 2017 (Ben Stansall/AFP Getty Images / Getty Images)
Oxford Economics forecasts a small 1% growth for 2026. But that was forecast before the U.S.-Israel war with Iran, which could lead to likely weaker growth for the U.K. analyst warned.
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Robert Jenrick, the shadow chancellor of the UK Reform Party, slammed the Labour government’s handling of the economy. “We are losing our steel, our car manufacturing, our glass, our ceramics, our chemical industries,” he told the U.K.’s Daily Express. “There are millions of good jobs that rely on these industries, and they simply will not survive if we continue to have energy prices that are five or six times higher than in the United States.”
Business
S&P 500: Prepare For Change (Technical Analysis)
S&P 500: Prepare For Change (Technical Analysis)
Business
A state-by-state view of gas prices as Iran war pushes markets higher
‘The Big Money Show’ panel breaks down surging markets, rising energy costs and mounting pressure on President Donald Trump as investors bet the Iran conflict may be nearing a turning point ahead of his highly anticipated address.
Gas prices are continuing to climb as the ongoing conflict with Iran drives up crude oil costs, pushing prices higher at the pump nationwide.
The national average now stands at $4.11 per gallon, up about 86 cents from a month ago, according to AAA. Costs are climbing across nearly every region, with some states already well above the U.S. average.
On the West Coast, drivers are seeing the highest costs, with prices reaching $5.92 per gallon in California and $5.37 in Washington. Meanwhile, on the East Coast, gas prices have surpassed $4 in several areas, including $4.27 in Washington, D.C., and $4.06 in New York.
JET FUEL SPIKES AS AIRLINES WARN SUPPLIES COULD RUN DRY WITHIN WEEKS
In the Midwest, Illinois stands out at $4.29 per gallon, while much of the region remains in the mid-$3 range. Southern states remain comparatively cheaper, though prices are rising there as well. Texas and South Carolina are both averaging about $3.82, while Florida is higher at $4.20.
Diesel has climbed to $5.61, up about $1.45 over the past month. As a key fuel for freight, shipping, and public transportation, it is particularly sensitive to refining capacity constraints and global supply disruptions.
SAN FRANCISCO BECOMES FIRST US CITY WHERE DIESEL PRICES TOP $8 A GALLON

A person grabs the nozzle for diesel fuel at a gas station. (Rebecca Noble/Bloomberg/Getty Images)
In San Francisco, prices have surged even higher. For the first time on record, average diesel costs have surpassed $8 per gallon, according to new data from GasBuddy — marking an unprecedented milestone for any U.S. city.
The climbing fuel costs come as President Donald Trump issued a profanity-laced warning to Iran, giving the regime until Tuesday to allow vessels through the key waterway — or face strikes on its critical infrastructure.
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A satellite image shows the Strait of Hormuz, a key maritime passage connecting the Persian Gulf to the Gulf of Oman, vital for global energy supply. (Amanda Macias/Fox News Digital)
The Strait of Hormuz, a waterway between Iran, the United Arab Emirates and Oman, is a critical energy choke point.
“Open the F—– Strait, you crazy b——-, or you’ll be living in Hell – JUST WATCH!” Trump wrote in a Truth Social post to Iranian leaders.
Business
No Easter Message, Strong Cancer Progress and Historic US State Visit
LONDON — King Charles III marked a quiet Easter Sunday on April 5, 2026, attending the traditional Matins service at St. George’s Chapel in Windsor with Queen Camilla and senior royals, but Buckingham Palace confirmed he will not deliver a formal Easter message this year, drawing some criticism after recent Ramadan greetings.

The decision not to issue an Easter address comes despite the monarch’s role as Supreme Governor of the Church of England. While Easter messages are not an annual tradition — the late Queen Elizabeth II issued one only during the COVID-19 pandemic — King Charles did release a faith-focused message on Holy Thursday in 2025. Palace officials stated the omission aligns with long-standing practice for non-Christmas occasions, though it sparked online debate and commentary from figures questioning the balance of interfaith outreach.
On Maundy Thursday, April 2, the King and Queen Camilla traveled to St. Asaph Cathedral in North Wales for the Royal Maundy service, an ancient Christian tradition. The King presented specially minted Maundy money to 77 men and 77 women in recognition of their service, with the number matching his age of 77. The event marked only the second time the service has been held in Wales. Despite a minor anti-monarchy protest visible outside the cathedral, the King appeared in good spirits, displaying confident demeanor praised by observers.
Health updates for the 77-year-old monarch remain positive. Diagnosed with an undisclosed form of cancer in early 2024, King Charles shared encouraging news in a December 2025 video message, revealing that thanks to early detection and effective treatment, his cancer treatment schedule would be significantly reduced in 2026. He described it as “a personal blessing” and urged others to prioritize screening, emphasizing that early intervention can be life-saving. Palace sources indicate his condition has responded exceptionally well, moving into a precautionary phase with ongoing monitoring but no major disruptions to his duties. He continues light public engagements while balancing recovery.
The King’s schedule shows steady activity. He recently delivered the King’s Speech outlining the government’s legislative agenda and maintains a full calendar of constitutional responsibilities. No absences due to health have been reported in recent months, and he appears engaged in both official and private family moments.
Looking ahead, Buckingham Palace announced a major international trip: a state visit to the United States in late April 2026, from April 27 to 30, marking the first such visit by Charles as monarch. The itinerary includes meetings with President Donald Trump, a state banquet at the White House on April 28, and an address to a joint session of Congress — the first by a British monarch in more than three decades. The visit celebrates the 250th anniversary of American independence and aims to strengthen UK-US ties amid geopolitical tensions, including differences over recent conflicts.
On the return journey, the King and Queen Camilla will stop in Bermuda. Congressional leaders from both parties extended the invitation for the historic address, highlighting shared heritage and enduring friendship between the nations. The trip places Charles in a delicate diplomatic role, navigating relations with the Trump administration while representing the United Kingdom on the global stage.
Family matters remain in the spotlight. Reports suggest ongoing estrangement with his younger son, Prince Harry, who resides in the United States. Despite an reported olive branch from the Duke of Sussex, no meeting is expected during the King’s US visit, according to palace insiders and BBC reporting. The King has not publicly commented on the matter, maintaining focus on official duties.
Public and media reaction to recent royal developments has been mixed. Some praised the King’s interfaith gestures, including Ramadan messages, while others expressed disappointment over the lack of an Easter address, viewing it through the lens of his Christian leadership role. Social media commentary ranged from support for his health progress and diplomatic efforts to criticism of perceived priorities.
King Charles continues to champion causes close to his heart, including environmental conservation, interfaith dialogue and support for cancer research and patient care. His reduced treatment schedule allows greater flexibility for public engagements, though the palace emphasizes that his health remains the priority with regular medical reviews.
As Easter celebrations unfolded across the Commonwealth with themes of hope and renewal, the royal family gathered privately at Windsor for the Matins service followed by a family lunch. The Prince and Princess of Wales, their children, and other senior royals were expected to join, continuing long-standing traditions.
The upcoming US state visit represents a significant milestone in Charles’s reign, testing his ability to bridge political divides through soft power and ceremony. With Trump describing the visit as “terrific” and expressing respect for the King, the trip carries symbolic weight at a time of global uncertainty.
Buckingham Palace has provided no further details on the exact program beyond the confirmed dates and congressional address. Preparations are underway, with security and diplomatic teams coordinating closely with US counterparts.
On the health front, the King’s openness about his cancer journey — including the December 2025 message — has been credited with raising awareness. He has spoken movingly about the “community of care” surrounding patients and thanked healthcare workers and supporters.
As April 2026 progresses, King Charles balances recovery, family, faith observances and high-level diplomacy. His reduced treatment offers optimism, while the US visit underscores his role as a unifying figure on the world stage.
No major changes to his immediate schedule have been announced beyond the transatlantic trip. The King is expected to resume normal public duties following Easter, with the King’s Speech already delivered in May preparations noted earlier.
For the latest official updates, the public is directed to Buckingham Palace announcements and verified royal channels. As the monarch navigates personal health milestones and international responsibilities, attention remains on his steady leadership amid a changing global landscape.
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