WASHINGTON – 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 Washington Post reports the withdrawals, loans and cash-outs from the accounts take nearly 25 percent of the $293 billion put away into retirement accounts each year.
The Post says people in their 40s are the worst offenders, with one-third dipping into their accounts.
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(Copyright 2013 by WTOP. All Rights Reserved.)
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