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  • Disturbing Trend -- and Worse to Come [Hardship withdrawals from 401(k)'s at record high]

    08/21/2010 5:22:10 PM PDT · by 2ndDivisionVet · 139 replies · 1+ views
    American Thinker ^ | August 21, 2010 | Eileen F. Toplansky
    As the economy continues to worsen under Obama's "recovery" plan, more disturbing news emerges. A record number of workers made hardship withdrawals from their 401(k) retirement plans. In fact, "the number of workers borrowing from their accounts reached a 10-year high" and reflects "the financial stress many workers" are experiencing according to Beth McHugh, Fidelity's vice president of marketing insight. The report was made by Fidelity Investments which administers 17,000 plans and represents 11 million participants. The number of people initiating the hardship distributions has risen from 45,000 in 2009 to 62,000 in 2010. Equally alarming is that "45 percent...