More raiding their 401(k)s
Premature withdrawals from retirement accounts have become America’s new piggy bank, cracked open in record amounts during lean times by people like Cindy Cromie, who needed the money to start a new life. Her employer, the University of Pittsburgh Medical Center, outsourced Cromie’s medical transcription work. Cromie said that cut her income by as much as 60 percent. So, last year, at age 56, she moved 90 miles from Edinboro, Pa., into her mother’s basement. To make ends meet, Cromie pulled $2,767 from her retirement savings. Read more…