Blogs

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!

Join Patriot Action Network

Today's News

Latest Network Activity

Black Calixte left a comment for Black Calixte
"I think it's better not to I think when there is harsh lines on the rise it never looks good in the soft you make up is underneath the better going to get away with initiating a really graphic line a bit I think not many people can carry Vita Youth…"
5 minutes ago
Black Calixte, Phil Cuff, Ohio Flyer and 4 more joined Patriot Action Network
7 minutes ago
Elwood Billshot and Craig Fisher are now friends
15 minutes ago
Phil Cuff updated their profile photo
1 hour ago
Al Johnson updated their profile
1 hour ago
Jeff Noncent commented on Eric Odom's blog post BREAKING: Ferguson Officer Will Not be Indicted - City Erupts in Riots!
"no I don't know who Venerable Pierre Touuissaint"
4 hours ago
Larry Holland commented on The Voice of Reason's blog post MUST READ! - NYT Reporters Who Put Out Darren Wilson’s Address Have THEIR Addresses Made Public
"While the rioting and burning of Ferguson,MO may have been a dry run or practice session
for Martial Law, it was painfully obvious that it was a complete failure. They had the opportunity
to use the National Guard and round up detainees for the FEMA…"
4 hours ago
Bill Hallbert updated their profile
5 hours ago
More…