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Why Your 401k Should Not be Your Emergency Fund - Episode # 293
Your Life Your Wealth
English - May 28, 2021 14:24 - 20 minutes - 27.6 MB - ★★★★★ - 27 ratingsInvesting Business News finances financialplanning investing currentevents lifestyle news politics retirement stockmarket wealth Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Previous Episode: 5 Mistakes Couples Make When Planning For Retirement - Episode # 292
The most common workplace retirement savings plan is the 401k. Aside from the value of your home, it’s likely your largest asset. A surprising number of 401k savers view this money as an accessible pre-retirement emergency fund should a costly and unexpected expenditure arise. CFN’s John Walker and Dennis Jablonoski sit in for Steve Cordasco today and discuss maintaining 401k plan integrity, and why borrowing from a 401k is usually a bad idea. They also share what business owners and 401k plan managers can do to reduce what is often called plan leakage, employee 401k loans, withdrawals, or cash-outs.
Listening Time: 20 minutes