Retirement Accounts: Consumers Pull Money From Savings to Pay Bills

Americans are increasingly tapping their retirement savings to cover housing and medical bills amid higher cost-of-living pressures, according to data released Monday from Fidelity Investments.

Some 2.3% of workers took a hardship withdrawal last quarter, up from 1.8% a year earlier, the data showed. The top two reasons given for the uptick were to avoid foreclosure for homeowners or eviction for renters, and for medical expenses.