RSI In The News
Jim Cramer's TheStreet.com Highlights RSI in Story About the High Cost of Early 401k Withdrawal.
With a slew of layoffs, rising costs and loans becoming harder to obtain, an increasing number of Americans are breaking the guidelines of retirement savings and cashing out their 401(k)s. But before breaking open the piggy bank, plan participants should consider the taxes and penalties they will have to pay, as well as the thousands of dollars in compounding interest they will lose.
Jim Langenwalter, chief sales and marketing officer at RolloverSystems, says loans taken from 401(k) plans have increased as well.
"Loans are always better than a cash-out because there's always the hope of trying to pay it back," he adds. "But about one-third don't."...
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