Fidelity: Savers Tap Retirement Funds to Avoid Foreclosure

A record number of U.S. workers are tapping into their retirement accounts. During the second quarter, 2.2% of Fidelity’s active 401(k) participants took a hardship withdrawal, up from 2% a year earlier, and another peak, Fidelity said. Often those withdrawals were used to prevent foreclosure on a home or pay college tuition. Among the 11 million workers whose 401(k) plans are run by Fidelity, 11% took out a loan from their plan during the 12 months ended June 30, the co. said. – Reuters