Retirement Fund Withdrawals Rise in Downturn
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Retirement Fund Withdrawals Rise in Downturn
* Fidelity exec: Savers tap funds to avoid foreclosure
* Record levels of hardship withdrawals, loans
* 401(k) balances slipped in Q2 as stock market fell
By Ross Kerber
A record number of U.S. workers are tapping into their retirement accounts to make it through the economic downturn, Fidelity Investments found in a survey released on Friday.
Among the 11 million workers whose 401(k) plans are run by Fidelity, 11 percent took out a loan from their plan during the 12 months ended June 30, the company said, up from 9 percent at the same point a year earlier.
By the end of the second quarter, plan participants with loans outstanding against their 401(k) accounts had reached 22 percent versus 20 percent a year earlier.
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