FYI: Most of today’s workers won’t have pensions to fall back on in older age. Given that we’re on our own in funding our retirement, why are so many of us sabotaging our future security by borrowing from our 401k plans?
Just over one in four, or 26%, of 401k participants has a loan outstanding, according to a recent report from Aon Hewitt, a benefits consulting and administration firm. While that study didn’t capture the reasons why, a separate one conducted last year by TIAA-CREF found paying off debt to be the primary reason why people took out a loan, followed by paying for an emergency expenditure.
Regards,
Ted
http://www.marketwatch.com/story/avoid-the-temptation-of-dipping-into-your-401k-2015-06-04/print
