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.
Is that because, "The worst is behind us"? -- Obama