USA Today: Retirement savings raided by unemployed workers
USA Today has this article: Retirement savings raided by 35 percent of laid-off workers.
Unemployed and underemployed workers of all ages are under financial stress. And three in 10 do not have health insurance, the study found.
As financial problems mount, many displaced workers are tapping their savings. This year, 35% have taken money from their retirement savings.
During the recession, more workers took loans from their 401(k)s to help them keep up with daily living expenses and unexpected bills. But as the unemployment rate increased and then remained high, the rate of 401(k) loan defaults went up.