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Households are plundering 401(k)s to survive the crisis

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Large numbers of American households were forced to plunder their retirement accounts to make ends meet during the last year, even as the federal government plunged trillions of extra taxpayers’ dollars into the economy to keep it afloat.

And that grim news is going to add to the looming retirement crisis already faced by tens of millions.

Some 31% of households said they withdrew money from their 401(k) or other retirement plans and 27% borrowed from the plans, according to a new survey conducted by financial magazine Kiplinger’s

And the sums weren’t small, either. More than 80% of those borrowing money and of those making withdrawals took over more…



Source marketwatch.com

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