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In fall 2009, TIME Magazine raised eyebrows with a cover article called “Why It’s Time to Retire the 401(k)”. Author Stephen Gandel, the magazine’s senior economic writer, argued that 401(k)s, 403(b)s and IRAs had proven themselves “a lousy idea, a financial flop.”
Tags: Author Stephen, Cover Article, Employment, Employment compensation, ERISA Industry Committee, Eyebrows, federal government, financial advisors, Financial services, Gaining Momentum, Gandel, Iras, Labor, Life Security, Lousy Idea, Market Downturn, New York City, New York Times, New York Times Editorial, Pension, Personal finance, Pete Mitchell, Plan Administrators, Professional Asset Managers, Radical Move, Record Keepers, Retirement, retirement insurance, Retirement Plan, retirement plan administrator, Retirement Savings, Social Security, Stephen Gandel, Teresa Ghilarducci, The New School, TIME Magazine
While you might be able to borrow from a 401(k), that doesn’t mean you should. Yes, we are in a recession. Yes, times are tough. But borrowing from your 401(k) could prove highly detrimental to your financial health.
Tags: 401, 401 K Contributions, 401 K Plans, Account Balance, bank account, Borrowing From Your 401k, Consequence, Distribution Subject, Economics, Financial Health, Guess, Human development, Individual Retirement Account, Interest, Internal Revenue Code, Last Resort, Match, Paychecks, Personal finance, Pete Mitchell, Recession, Retirement, Retirement Account, Retirement Savings, State Income Taxes, Taxable Distribution, Taxation in the United States, Time Period, Time Value Of Money, Value Of Money
If you’re laid off, what happens to your retirement money? Well, you have three basic choices with your 401(k). One gives you more freedom and control than the other two.
Tags: 401, 403, Adjusted Gross Income, federal government, Financial economics, General Motors, Individual Retirement Accounts, Internal Revenue Service, Politics of the United States, Registered Retirement Savings Plan, Rollover, Roth IRA, Traditional IRA
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