Downturn leads to rise in costly 401(k) loans by minorities

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.

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