While millions of workers used money from their retirement savings to pay expenses during the Great Recession, African Americans and Hispanics dipped into their 401(k) plans at a much higher rate.
The rise in 401(k) withdrawals, loans and cash-outs among African Americans and Hispanics represents a major setback for their long-term retirement security, says Mellody Hobson, president of Ariel Investments, co-sponsor of a survey on the recession’s impact on retirement plans.
Makes the heart sad. Read it all–KSH.