Fidelity says consumers withdrawing from 401ks

August 20, 2010

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.

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