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 Life Parish Ministry Stewardship * Economics, Politics Economy Consumer/consumer spending Labor/Labor Unions/Labor Market Personal Finance The Credit Freeze Crisis of Fall 2008/The Recession of 2007-- The U.S. Government * Theology Ethics / Moral Theology
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