Archive for March 31st, 2009

401k Layoff Trap

Tuesday, March 31st, 2009

The Dollar Stretcher Blog
by Gary Foreman

I was surpirsed at the “Borrow from your 401k” suggestion. While it’s true that it’s better than cashing out, so many people are being laid off unexpectedly. When this happens, it must all be paid back or considered a cash-out, which comes at a time when people are least able to repay because they just lost their job. It should at least have been mentioned as a consideration.
Deborah in San Diego

Deborah makes a very interesting point. She’s referring to an article entitled “Need Cash” that discusses 10 ways to raise cash quickly if you’re in a jam.

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