www.StockMarketFunding.com Fidelity 401k Hardship Withdrawals & 401k Loans on the Rise as 401k loans hit a 10 Year High. Retirement Saving Plans are not a saving account and we continue to see the mean workplace savings investors paying taxes and penalties by taking premature withdrawals. We’ve highlighted 401k confiscation by the government in prior videos and we’ll be keeping you simplified on the US Treasury and the government capture of retirement savings. Stay on us on Twitter! http Fidelity: 401(k) hardship withdrawals, loans up A record number of workers made hardship withdrawals from their retirement accounts in the following quarter. High unemployment & companies cutting back on overtime or overall hours have reduced the take-home pay of many workers. “People tend to be taking home less,” In the 2nd quarter, some 62000 workers initiated a hardship withdrawals. 45% of participants who took a hardship withdrawal a year ago 401(k) hardship withdrawal eligibility, individuals must demonstrate an pressing and heavy financial need, according to IRS regulations. Certain medical expenses; costs concerning to the buy of a primary home; tuition and education expenses; payments to prevent eviction or foreclosure on a primary home; burial or funeral expenses; and repair of hurt to a primary home meet the IRS definition and are permitted by most 401(k) plans. People under 59 1/2 will pay a 10% penalty for early withdrawal in addition to taxes. Fidelity said it’s seen the …