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Stung by a recession that sapped investments and home values, but expressing widespread job satisfaction, older Americans appear to have accepted the reality of a retirement that comes later in life and no longer represents a complete exit from the workforce. Some 82 percent of working Americans over 50 say it is at least somewhat likely they will work for pay in retirement, according to a poll released Monday by the Associated Press-NORC Center for Public Affairs Research.
Financial planners always tout the benefits of 401K savings plans. But under some circumstances, savers might be better off putting their money elsewhere.
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A 401(k) is meant to go untouched until a person retires, but more than a quarter of Americans use their retirement accounts to pay current expenses.
The economic recovery may be slow, but 401K balances are at a 12-year high. The average account balance has jumped to nearly $76,000.