401k ‘hardship’ withdrawals soar…

Sunday, August 22, 2010
By Paul Martin

401(k) withdrawals spike

By Aaron Smith
CNNMoney.com

NEW YORK (CNNMoney.com) — Hardship withdrawals from 401(k) retirement saving plans rose to the highest level in 10 years during the second quarter, Fidelity Investments said on Friday, in the latest sign of a dismal economy.

Fidelity reported that, as of the second quarter, 2.2% of all 401(k) participants had made a hardship withdrawal at some point over the preceding 12 months. That’s up from 2% in the prior year, and was the highest level in 10 years.

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