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The number of people making “hardship” or emergency withdrawals from their 401(k) plans is soaring despite low unemployment and rising real wages, a new report from Bank of America reveals.
Withdrawals in the April-to-June second quarter leapt an astonishing 36% compared to the same three months a year earlier, the bank says, citing data from company benefit plans for which Bank of America keeps the records. Those plans cover four million participants, it says. Withdrawals had also risen 12% from the first quarter.
The…
