Happy days are here again? Well, not exactly. But while those with 401(k) retirement savings accounts were hard hit during the financial crisis, the average 401(k) balance has now recovered sufficiently to have reached a new high. Read more
... a high proportion of retirees who took loans and hardship withdrawals from these accounts during their working years regret having done so. The poll, which was taken in Feb. 2011, indicates that 39% of retirees regret having taken a loan, while 41% regret having taken a hardship withdrawal.
Savers with 401(k)s can take loans and hardship withdrawals from their accounts, but the latter can take an especially large toll due to tax regulations.