Considering Using Your 401k to Pay Your Bills? Modest Money23 Comments

The following is a guest post about using your 401k to pay your bills. If interested in submitting a guest post, please read my guest post policy and then contact me.

May be Time to Think Again…

Picture this scenario…You’re 42 years old. Your company went through a reorganization last month, and as a result, your hours went from 40+ hours per week to 30. You were cut back from full time, and your occasional overtime is gone too. And now you’re sitting at your kitchen table, staring at a computer screen spreadsheet full of monthly bills and a budget. Your income level has gone from a little over budget to about 300 dollars in the hole each month.

You minimize your budget, switch screens and look at your savings. And there…like a big piece of double-layer chocolate cake, is your tempting and beautiful 401k balance. You’ve been piecemeal saving it for years. And you can’t believe you’re considering using it. Sound familiar?

As tempting and easy as it might be to take a loan against, or even cash out that pile of 401k heaven, stand up and step away from the table. Here’s a rundown of what…

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This entry was posted in Financial Advice, and tagged , Modest Money23 Comments
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