Are You Making This Tragic 401(k) Mistake?
When your faucet is leaking, you call the plumber. But when your retirement account starts leaking, it's time to rethink your savings strategy.
According to the Employee Benefit Research Institute (EBRI), retirement savers prematurely cashed out an estimated $92.4 billion from their 401(k) plans in 2015. We can't say exactly how the money was used, but it's probably not being saved for retirement anymore. This early withdrawal of 401(k) funds -- called leakage -- is a growing problem for would-be retirees.
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Source Fool.com
