Blogs & Discussions


High unemployment and underemployment forced one in four Americans to pull money out of a retirement plan to make ends meet.
Not even the high penalties that make it prohibitive to tap into 401(k) accounts were a deterrent as a record $60 billion was yanked from nest eggs to pay for mortgages, car loans and .
Those are some of the conclusions of a recent study by  financial-guidance service HelloWallet. The study shows that saving and retaining money for a secure retirement are becoming more difficult.
The study shows that pre-retirees are breaking into retirement accounts, taking out billions of dollars. They are spending on average some 40 percent of the money that was supposed to be for their golden years on the here-and-now.
Getty Images
“Over 25 percent of households that use a 401(k) or a similar defined-contribution plan have used some or all of their retirement saving for nonretirement needs,” according to the report. The study relied on Census and Federal Reserve Board data.
“This is a massive, systematic problem,” the report warned, “that now affects one out of every four participants on average, which is more like a gaping hole in the defined-contribution boat than a pesky leak.”
Email me when people comment –

You need to be a member of Patriot Action Network to add comments!

Today's News

Latest Network Activity

Rudy commented on Rudy's blog post Monday ~ The Front Page Cover
"There is no George Washington of today or any other pass pres. We have a dictator who does at his will. Just look at his will on the Iran deal. He will only be the only one to act on it this month to ratify its final step. He will do it on his EO. A…"
7 hours ago
Ronald A. Nelson Col.USA (Ret) posted a blog post
The Declaration of Independence (DOI) is much more than a declaration of war and a list of abuses.  It embodies our Creators purpose for government and the rights of man to  live free of despots. It inculcates the precepts and fundamentals for self-…
8 hours ago
Brock Peterman commented on Rudy's blog post Monday ~ The Front Page Cover
"If the right person were the George Washington of today and enforced his will on the whole nation.  Something George did in the ten years it took to get the Constitution ratified.  Those Tories didn't leave or give up completely after losing the war."
8 hours ago
Rudy commented on Rudy's blog post Monday ~ The Front Page Cover
"That would seem to be the answer but will it last? Or would we be getting the same old again?"
13 hours ago
Larry Holland commented on Lloyd Marcus's blog post A Black Patriot Honors His American Dad
"Thank you Lloyd for posting this."
15 hours ago
Larry Holland posted blog posts
15 hours ago
Brock Peterman commented on Rudy's blog post Monday ~ The Front Page Cover
"The enormity of this mess has almost exceed the ability of any elected person to fix.  We the people may have to make a clean sweep yet and start over again with Constitution minus the most onerous amendments, the 16th and 17th."
15 hours ago
Rudy posted a blog post
 The Front Page Cover "I pray that the eyes of your heart may be enlightened".Featuring:“Chattanooga Five” Memorial EventIgnored by National MediaRoger Aronoff."Know who you are standing with""Show me your friends and I'll show you your future"~~~ll…
16 hours ago

PAN on Facebook