Although many defined contribution plan participants would benefit from setting aside more dollars in their retirement savings accounts, they at least are holding a steady course when it comes to tapping retirement savings prematurely. So concludes a recent research report from the Investment Company Institute (ICI).
The report, Plan Participants Activities During the First Three Quarters, 2014, found that 1.4% of participants took hardship withdrawals during that period, the same pace as the prior year. Total withdrawals during the period equaled 3.1%, similar to prior results since the 2008 financial crisis.
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