A Record Number Of Workers Could Be Burning Away Retirement Savings Just To Survive

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Written by Steve Meyers

Friday, 20 August 2010 07:58

Burning Money During the housing boom, Americans frequently took out home equity loans to fund consumption, tapping the so-called home equity ATM.

With the housing run-up over, that's been pretty much tapped out.

No worries, now we have the 401(k) ATM.

According to Fidelity, the Boston-based investment management giant, record numbers of its clients have been withdrawing money from 401(k) retirement plans. Fidelity is one of the largest investment managers, thus its client trends could be representative of the U.S. at large.

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RatherBFlying - Spend it now or have the government confiscate it

|2010-08-20 09:38:05

I'm not saying there won't be problems later on. But the system is set up not to penalize savers but destroy them. I just hope those taking money out are buying physical gold with it.

Your capacity to produce is the only thing that will get you through after the collapse.

Last Updated on Friday, 20 August 2010 08:00

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