Here's Why Cashing Out a 401(k) Is the Worst Money Mistake You Might Ever Make
In today's job-hopping environment, it's not uncommon to go through 10 or more employers throughout your career. But if you're going from one company to another, you may be tempted to cash out your 401(k) in the process -- and you wouldn't be alone. Nearly 6 million employees are expected to cash out their 401(k)s within eight years of leaving their employers, according to data compiled by Retirement Clearinghouse.
Still, cashing out a 401(k) is an unquestionably bad idea, pretty much no matter the circumstances. And if you make the mistake of doing just that, you could end up putting your retirement at risk.
THAT'S RIGHT. YOU'LL BE DOING THIS IF YOU CASH OUT YOUR 401(K). IMAGE SOURCE: GETTY IMAGES.
Source: Fool.com
