Posted on Aug 17, 2023
More Americans Borrowing from 401(k)s to Get By Financially
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This is not a good direction for a healthy nation to move toward.
If you find yourself in this situation read the pros and cons in this article.
If you find yourself in this situation read the pros and cons in this article.
More Americans Borrowing from 401(k)s to Get By Financially
Posted from kiplinger.com
Retirement
Money
Bank of America
Best Practices
Posted 9 mo ago
Responses: 1
Bad stuff happens in life. If you happen to be in a situation that you need to tap into your retirement savings because something bad unexpectedly happen, then this may be a lifeline, especially if it's to address one of the categories the IRS won't penalize you for.
However, this should not be your first, second or third option to make ends meet. The first option is what we keep telling our politicians - stop spending on things you don't need to spend on. If you have multiple streaming services, pick one and get rid of the rest. If you have multiple credit cards that you're carrying a balance and can't pay them off except a little at a time, see if you can get a consolidation loan, pay them all off and free up some money each month.
And above all, don't buy stuff you don't need. If you free up money, use it to pay down your debts BEFORE you start adding creature comforts back in.
However, this should not be your first, second or third option to make ends meet. The first option is what we keep telling our politicians - stop spending on things you don't need to spend on. If you have multiple streaming services, pick one and get rid of the rest. If you have multiple credit cards that you're carrying a balance and can't pay them off except a little at a time, see if you can get a consolidation loan, pay them all off and free up some money each month.
And above all, don't buy stuff you don't need. If you free up money, use it to pay down your debts BEFORE you start adding creature comforts back in.
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SFC (Join to see)
Her sir, seeing that your retired can you run for office in Washington DC. You make a lot of sense. People need to look at their taxes and, in some states, especially property taxes. My school real estate taxes went up over $1,000.00 in just the last 15 years. Where are we going? No place good. When taxes start increasing over the next 10 years to pay for this Inflation Reduction Act, many are going to be in serious trouble. Of course, for people who don't pay taxes that's OK. In my opinion everyone needs skin in the game, or we "will" go the way of Russia and China.
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COL Randall C.
SFC (Join to see) - I would have to be pretty drunk or mind altered to consider running for office in this day and age.
As soon as your name is on the ballot, the extreme elements of the political parties immediately blast how you're a hateful vile degenerate that wants nothing but to make life for the voters of your opponent a living hell. Politics these days seems that it is more about denigrating your political opponent than actually accomplishing anything.
Not for me.
As soon as your name is on the ballot, the extreme elements of the political parties immediately blast how you're a hateful vile degenerate that wants nothing but to make life for the voters of your opponent a living hell. Politics these days seems that it is more about denigrating your political opponent than actually accomplishing anything.
Not for me.
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