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Keyword: 401kborrowing

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  • President Obama's Cat-Food Future For Retirees

    01/17/2013 7:58:38 AM PST · by IBD editorial writer · 30 replies
    Investor's Business Daily ^ | 16 Jan 2012 | Editorial
    The Obama Economy: Americans are drawing down their 401(k)s for nonretirement needs in record numbers, just as Social Security goes bust. This portends poverty for millions as the White House fiddles. Cat food, anyone? One out of four U.S. workers with 401(k) retirement savings accounts has been forced to cash them out or borrow from them at high costs just to stay solvent. The Washington Post, citing a report from financial advisory firm HelloWallet, said the withdrawals have drained $70 billion, or an astonishing near-quarter of the total $293 billion, in America's retirement accounts "undermining already shaky retirement security for...