(Washington Post) Workers raiding retirement funds to pay the bills

Posted by Kendall Harmon

A large and growing share of American workers are tapping their retirement savings accounts for non-retirement needs, raising broad questions about the effectiveness of one of the most important savings vehicles for old age.

More than one in four American workers with 401(k) and other retirement savings accounts use them to pay current expenses, new data show. The withdrawals, cash-outs and loans drain nearly a quarter of the $293 billion that workers and employers deposit into the accounts each year, undermining already shaky retirement security for millions of Americans.

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Filed under: * Christian Life / Church LifeParish MinistryStewardship* Economics, PoliticsEconomyConsumer/consumer spendingLabor/Labor Unions/Labor MarketPersonal FinanceThe Credit Freeze Crisis of Fall 2008/The Recession of 2007--The U.S. Government* TheologyEthics / Moral Theology

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Posted January 15, 2013 at 4:45 am [Printer Friendly] [Print w/ comments]
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