Nearly 3 in 10 Americans Have Made This Big Retirement Mistake
Money you put in your retirement accounts is supposed to stay there until you're ready to exit the workforce, but it doesn't always work out that way. When you're pressed for cash, your retirement account can look like a piggy bank just waiting to be cracked open -- and many people give in to the temptation.
A recent Transamerica survey found that 28% of Americans were guilty of taking a loan or early withdrawal from a retirement account. The most commonly cited reasons for doing so were paying off debt and covering unplanned expenses. Borrowing money from your retirement accounts might be the wiser choice if your only alternatives are to take on more debt or fall behind on your living expenses, but it's not consequence free, even if you pay back every dime you borrowed. Here's a closer look at why, along with some steps you can take to avoid borrowing from your retirement accounts.
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Source Fool.com
