RSI In The News
Financial Guru Jean Chatsky Features RolloverSystems CEO Spencer Williams in TODAYShow.com Article.
Jean Chatsky is the financial editor for NBC’s Today, an editor-at-large at Money Magazine, a columnist for The New York Daily News, a contributor to The Oprah Winfrey Show and a featured money coach on Oprah's "Debt Diet" series.
The economy has left people behind on credit card bills, short on mortgage payments and low on cash to cover basics like gas and food. Those are gaps in the budget that have to be filled, and too often, people are raiding their 401(k) to come up with the extra money. If you're one of those thinking about it, I want you to stop, then keep reading.
When you pull money out of your 401(k) prematurely — in other words, before you reach age 59 1/2 — you're essentially robbing yourself. Not only do you have to pay taxes on the cash you pull out, but you'll also be hit with a penalty of 10 percent. It is rarely, if ever, worth it...
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