There are many articles in the news about 401k, such as 4 smart fixes for your 401(k) or Employees Raiding 401(k)s, CFOs Say. This is a hot topic right now due to the economy crisis that the country has been going through. Many employees have not only lost big chunks of their savings, but also have faced the tough decision to borrow money from 401k to pay debt or, even worse, withdraw all their 401k savings to save their house or a business. 401k is a delicate and important issue to every one of us because we all think about our retirement and the days ahead. I personally want to retire no later than 55.
The mindset of a Top Contributor is that of a person who is used to handle and overcome difficult challenges. Planning, mapping, forecasting, investing, and saving should be in your nature.
So, how has this economy affected you? What things are you doing to make sure you have enough money during those years you cannot longer work?
Tags: 401k, employees raid 401k, retirement
I recently had to borrow 10K from my 401K. I’m happy I did it because it saved me from paying a high interest rate if I had borrowed the money somewhere else.
When I pay this money back I’ll be sure to do everything in my power not to borrow any more money though.