401Ks - the new ATMs

Americans raid savings, putting recovery at risk - Business - Stocks & economy - msnbc.com: ""Today, the saving rate is falling out of necessity. Food and energy prices have risen and folks don't have as much money to spend on the things that they would like."
Just as Americans used to borrow against the value of their homes before the property crash, now many are taking out loans from their 401(k) retirement savings plans.
Almost a third of plan participants currently have a loan outstanding, according to an upcoming survey of 150,000 holders of 401(k)s by consulting firm Aon Hewitt.
"People are at a loss, and they are struggling," said Pam Hess, director of retirement research at consulting firm Aon Hewitt."

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