Fidelity says consumers withdrawing from 401ks

August 20, 2010 2:15:27 PM PDT
If you've had to take money out of your retirement account early, you're not alone.

According to Fidelity Investments, a record number of consumers borrowed from their retirement saving plans in the second quarter. Sixty two thousand Fidelity Investors made hardship withdrawals from their 401K plans. That's a 10-year high.

Fidelity says the top reasons why people made withdrawals included preventing foreclosure or eviction to pay for college or to purchase a home.