401k withdrawals surge !

Discussion in 'Economics' started by zanek, Aug 20, 2010.

  1. zanek



    401(k) withdrawals hit 10 year high, says Fidelity

    By Aaron Smith, CNNMoney.com staff writerAugust 20, 2010: 11:43 AM ET

    NEW YORK (CNNMoney.com) -- Withdrawals from 401(k) retirement saving plans saw their biggest spike in over ten years, Fidelity Investments said on Friday, in the latest sign of a dismal economy.

    Fidelity reported that 62,000 Fidelity participants made hardship withdrawals from their 401(k) workplace plans during the second quarter. That's up from 45,000 participants during the prior quarter, a 37% increase. That means that 2.2% of Fidelity customers took a hardship withdrawal in the second quarter, compared to 2% in the same period last year.

  2. Is that because, "The worst is behind us"? -- Obama
  3. Shocking. That means Fidelity has 2.8 million 401k clients. I had no idea they were tha big.