In times of financial hardship and limited options, it can be challenging to turn a blind eye to a supply of money reserved for something as abstract as the future. A withdrawal from a workplace 401(k) plan, whether it be a permanent distribution or temporary loan, is allowable in certain circumstances and recent data from Bank of America shows that more participants are taking advantage: hardship withdrawals are up 36% from the second quarter of 2022, and plan loans have increased as well.

[Read more…]