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More Savers Are Raiding Retirement Plans

Here’s a troubling report: More people are taking hardship withdrawals from their 401(k) plans, or borrowing against their retirement accounts.

According to Fidelity Investments, which administers 401(k) plans with 11 million participants, 62,000 workers initiated a hardship withdrawal in the second quarter.

That’s up from 45,000 in during the same three months (April through June) in 2009.

About 22% of all accountholders now have outstanding loans against their retirement accounts, up two percentage points from last year.

It’s pretty clear that too many Americans are still struggling to make ends meet.

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