401(k) hardship withdrawals more than double as people raid their retirement savings for emergencies

Hardship withdrawals — which can be taken only for “immediate and heavy financial needs” — have risen in recent years with the rising cost of living. - Getty Images The high cost of living — with escalated price tags on everything from groceries to housing to healthcare – is hurting people’s everyday lives and forcing them to raid their retirement savings, which only inflicts even more financial pain later. As more people turn to their 401(k) accounts for hardship withdrawals, workers are jeopardizing th ...