401(k) Hardship Withdrawals On The Rise

Cash-strapped employees are turning to their retirement plans as the credit crunch drags on and costs for everyday necessities continue their upward spiral. While hardship withdrawals from 401(k) plans are taken by a very small number of participants -- about 1.5 percent at Vanguard -- the giant fund company says hardship withdrawals have been increasing significantly; up about 17 percent in 2006 and another 9 percent in 2007.

401(k) Hardship Withdrawals On The Rise
Source: Bankrate.com