Fidelity: More Raid Retirement Funds In Emergencies
Boston-based Fidelity Investments said people with its 401(k) plans saved steadily during the second quarter, but noted an increase in the use of loans and hardship withdrawals by plan participants.
The average Fidelity 401(k) account balance at the end of the quarter was $61,800, up 15 percent from the same time a year ago but down from the end of the first quarter.
The average participant puts 8 percent of his or her earnings in a 401(k) plan. A third of participants put in 10 percent or more.
Loans initiated over the past 12 months increased in number by 11 percent compared to a year ago. The quarter also saw 62,000 plan participants make hardship withdrawals.
In the first quarter, 45,000 participants made hardship withdrawals.
Fidelity's data is based on the plan information of 11 million participants of 17,000 corporate 401(k) plans.
WBJ Web Partners
Most Recent
Most Recent
0 Comments