Blogs & Discussions

NOT YET A MEMBER OF THE LIBERTY MOVEMENT'S ALTERNATIVE TO FACEBOOK? CLICK HERE TO SET UP A FREE SOCIAL PROFILE NOW!

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

MOTUS posted a discussion
Bad news: just as the Zombie Apocalypse is beginning to wind downLike zombies, only no use for brainswe are besieged with an impending clown apocalypse which could be even worse.Funny, it seems like only yesterday that America was facing a clown sho…
13 hours ago
Larry Holland replied to Larry Holland's discussion We ARE Becoming India! Who Is Minding The Store ON ANYTHING????
"After the Amtrak train crash about a year ago, I questioned why a computer train simulator program would not let a train go one mile over the speed limit and shut it down, so it made you think, well, that's what happens in real trains, but all these…"
yesterday
Larry Holland posted a discussion
What has happened to this country? There is apparently NO ONE minding the store (COUNTRY) on anything! We have our National Security damaged and harmed immeasurably by Hillary Clinton's actions as Secretary of State, we have Iran harrassing our wars…
yesterday
MOTUS posted a discussion
Why not turn the internet over to the UN?  Just because Al Gore invented it doesn’t mean it belongs to us.So why should the U.S. remain the protector of the open Internet? We’ve had it long enough, let’s give others a chance to play. Let’s let other…
yesterday
MOTUS posted a discussion
It was fun yesterday looking at all the so-called snap polls after the debate that named Trump as the winner.The  people are singing and the odds in Vegas are changing, baby!I already reported on my own snap poll: I spent an entire day in the People…
Wednesday
MOTUS posted a discussion
I note there was a Trigger Warning posted at the Hofstra University debate last night:They should have added “biased opinion journalism ” to the list, in which case the “Open Your Eyes” sign on the table next to it would have made sense.My take on t…
Tuesday
MOTUS posted a discussion
I see that President-Stompy-Foot-in-Waiting got her special Mine-is-Bigger-Than-Yours podium for tonight’s battle of the tongues.Along with a soap box to stand on.“Lectern Power Supply” – makes you wonder what power is in this box that Hillary will…
Monday
MOTUS posted a discussion
I’m feeling a bit whimsical today so this flight of fancy is perfect. Photographer Dylan Winter captures the glorious “murmurations” of several hundred thousand starlings as they rise and fall, arc and plane in self-organizing choreography on their…
Sunday
More…

PAN on Facebook