Should You Supplement Your Income or Tap Retirement Funds, Regardless of Penalties?
As more people are feeling the crunch in the economy, due to an increase cost in groceries and living expenses, (in addition to job losses), more people are either cashing in their retirement funds or borrowing against them despite penalties. There is concern that future retirees will be less prepared than now, because of drawing down savings for the short term. However, it might still be the best personal choice at the time for some. Read the linked article from www.msn.com to see some of the problems and choices being made.
I am a big advocate of "Take control of your destiny or someone else will" . As we head into even more uncertain times, with the banking and credit industry, not to mention the potential collapse of the car industry it is important to not freeze up. Look into a Plan B, even a Plan C. You may not be able to rely on that secure J.O.B. you’ve had, so get creative and think of how you can be supplementing your income now. It is always best to do something when you "want to" versus when you "have to". In addition to searching for alternative income opportunities, look into ways you can educate yourself about your finances, so you can make decisions for yourself.
What are your thoughts on borrowing against retirement funds…. would you rather supplement your income versus "tap into it"? 
Until next time, J.
"Take control of your destiny or someone else will"
November 18 2008 12:32 pm | Another Welcomed Weekend, Carbon Copy Pro, Home Business Ideas, Misc Ranting, Retirement, Time Management, Vacations and Fun, Wealth Strategies
