New surveys show that a quarter of workers are using their 401(k)s and other retirement savings to pay for things now. Experts say that the trend could have lasting effects, with future retirements adversely affected. Many workers do not have access to any other type of retirement accounts besides those like 401(k)s, which are often underfunded. Experts say that the under-funding of the accounts will likely cause problems when workers begin to retire and have little to live on.
See "More workers raiding 401(k) plans long before retirement", Michael A. Fletcher, The Boston Globe, January 15, 2013