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shAARP Talk: Observations from AARP

(Category: Financial Security)

Alejandra Owens | August 22, 2008 | 8:38 AM
Alejandra Owens

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Over on BloggingStocks.com, personal finance expert Dan Solin offers advice on how not to react to hard times.

Rising gas and food prices, the disappearance of home equity, downsizing by large and small employers and a credit crunch are a perfect storm for cash-strapped investors. Many are tempted to tap into low-hanging fruit: their 401(k) and 403(b) plans. Is this a good idea? Other than as a last resort, this answer is "no." Even in good times, the number of employees who cash out of their retirement plans is alarming. More than 45% of departing employees cash out of their 401(k) plans.

This post is one installment of a twelve-part series called "recession moves not to make." Check it out.

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