US. More and more Americans are draining their 401(k)s to survive — with ‘hardship withdrawals’ at 15%-20% above normal.

More Americans are tapping into their 401(k) to make ends meet — treating it more like an emergency fund than a retirement savings plan. Hardship withdrawals are running 15% to 20% above the historical norm, Empower CEO Ed Murphy told Bloomberg TV. Empower is the second-largest retirement plan (by number of participants) in the U.S. While new rules make it easier to withdraw funds, some people may be turning to their retirement savings as prices on consumer goods — from groceries to...