People are raiding their 401(k)s to pay credit card bills and meet other expenses that are mostly the result of overspending, despite the penalties for using such money. They won't have anything left in their accounts for retirement, and they'll be comin' after mine. :mad:
"Hard economic times are driving some people to take actions that could jeopardize their futures. With home equity lines of credit and other types of loans harder to get, employees are increasingly raiding their retirement plans to take care of immediate needs such as paying down debt and medical bills, staving off foreclosure, or simply covering higher food and fuel prices.
"People are overextended in their personal financial lives and are looking for any way to find money to help them weather the storm they are going through right now," said Andrew McIlhenny, executive vice president and co-funder of Firstrust Financial Resources, a wealth management firm in Philadelphia."