Preretirement 401(k) Breaches on the Rise

more than 25 percent of households that use a defined contribution plan for retirement savings have withdrawn, or breached, some or all of their plan balance for nonretirement spending needs, amounting to more than $70 billion withdrawn in 2010, the most recent year for which the relevant Federal Reserve and IRS data were available, according to the report by analysts at financial advisory firm HelloWallet.

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Preretirement 401(k) Breaches on the Rise