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About to Tap Your 401K for a Loan? Six Reasons to Think Again

December 2014

Today over 25% of people who have a 401K retirement savings plan have borrowed from these funds. In fact, 401K loans have surged by 37% in just 8 years and in 2011 represented nearly 60 billion dollars in premature withdrawals, according to IRS figures. This practice has personal finance experts and retirement specialists worried. Why? you may wonder. With a 401K loan aren’t you borrowing from yourself and paying yourself back with interest? That’s true, of course, but taking a 401K loan could cost you thousands in retirement savings. This reports shows you six reasons why taking a 401K loan should be a last resort.

Read more: About to Tap Your 401K for a Loan? Six Reasons to Think Again

A Simple Tip to Protect Yourself from Scam Emails, Letters and Phone Calls

Remember scam emails? They would offer you a big commission if you let a total stranger in a foreign country deposit ten million dollars in your bank account for a few weeks! Or, they told you that you won the lottery and they'd like to deposit a big check into your account, and all you have to do is wire back the taxes!

Read more: A Simple Tip to Protect Yourself from Scam Emails, Letters and Phone Calls

   

Q&A: Am I Eligible for Social Security Survivor Benefits?

Dear Liz: My partner of 30 years recently died. Am I eligible for Social Security survivor benefits? I don't want anything I don't deserve, but if I'm entitled to something, every penny would be appreciated. I am 54 and make minimum wage.

Read more: Q&A: Am I Eligible for Social Security Survivor Benefits?

   

Amid the Holiday Rush, Don't Forget These Year-End Financial Tips

It's the end of the year and while many thoughts turn to holiday celebrations and shopping, don't forget that you should perform an end-of-the-year review of your finances. Here are some tips that can save you some money.

Read more: Amid the Holiday Rush, Don't Forget These Year-End Financial Tips

   

Shopping on Black Friday or Monday?

Read this before you go!

Are you planning on hitting the stores on Black Friday and the online stores on Black Monday? Or will you do your holiday shopping later? No matter when you shop, make sure you do your homework in order to get the best deals. Here are some tips to help.

Read more: Shopping on Black Friday or Monday?

   

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