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Workers Tap 401(k)s Before Retirement Too Often

Saturday, Mar 23 2013
Retirement
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Among workers earning from $35,000 to $60,000, more than half took hardship distributions or loans from their 401(k) plans in 2012, according to a Financial Finesse study.

So reports BusinessWeek.

In comparison, among workers earning more than $200,000, only 11% took loans or hardship distributions. In a recent survey by the Employee Benefit Research Institute, 36% of workers aged 55 or older had less than $10,000 in savings. Not including homes and defined benefit plans, 57% of all respondents said they had less than $25,000 in savings.

Read the full article from BusinessWeek here.

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