401(k) loans

The New Piggy Bank: Your 401(k)

Posted on 06/18/2014 by |Money and Work | Comments

Bulletin Today | WorkToo many workers are using their 401(k) savings plan as a piggy bank, tapping it way before retirement for reasons such as to pay off debt, remodel their home or take a vacation they couldn’t otherwise afford. New research from the financial services company TIAA-CREF finds that one-third of 1,000 Americans surveyed in May have taken out a loan from their retirement savings plan. And 44 percent say they now regret it. The survey looked at what situations caused workers to tap those …

Worried About Running Out of Money? Don’t Read This

Posted on 01/15/2013 by |Money and Work | Comments

Bulletin Today | WorkWe know we shouldn’t take money from our 401(k) plans before we retire because we don’t have enough saved in the first place, and secondly, it raises the risk that we’ll run out of money in our later years. But more of us are doing it anyway. A report coming out this week says an increasing number of us are withdrawing money from our retirement accounts to pay the mortgage, to pay down credit card debt and for other non-retirement …