The announcement said that of all the inquiries to the call center discussing retirement planning issues, the number of questions about 401(k) withdrawal penalties jumped from 1% in the third quarter of 2008 to 22.5% the following quarter.
Lynn Finkelstein, Ernst & Young’s national director of Employee Financial Services, noted that the Financial Planner Line has also seen an increase in the number of debt-related calls (2.5% in the third quarter to 5.8% in the fourth quarter of all calls), as people are concerned about paying their bills with diminished resources.
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