Comments on: Borrow From Your 401(k) Account with a Debit Card No More? http://milkyourmoney.com/2008/07/17/borrow-from-your-401k-account-with-a-debit-card-no-more/ Got Money? Milk the most from it... Sun, 20 May 2012 17:33:41 -0400 http://wordpress.org/?v=2.8.6 hourly 1 By: Ben http://milkyourmoney.com/2008/07/17/borrow-from-your-401k-account-with-a-debit-card-no-more/comment-page-1/#comment-753 Ben Wed, 23 Jul 2008 04:18:41 +0000 http://milkyourmoney.com/?p=347#comment-753 @ Jessica: Thats exactly what the cards were created for, so that all that money could be made available. Some might say that it makes good sense to withdraw some of that to pay down debt thats building at a faster interest rate, but the fees and penalties are gruesome. Not to mention you shoot yourself in the foot later when you REALLY need it, like you said, you lose out on your retirement money. Thanks for commenting! @ Jessica: Thats exactly what the cards were created for, so that all that money could be made available. Some might say that it makes good sense to withdraw some of that to pay down debt thats building at a faster interest rate, but the fees and penalties are gruesome. Not to mention you shoot yourself in the foot later when you REALLY need it, like you said, you lose out on your retirement money. Thanks for commenting!

]]> By: Ben http://milkyourmoney.com/2008/07/17/borrow-from-your-401k-account-with-a-debit-card-no-more/comment-page-1/#comment-739 Ben Mon, 21 Jul 2008 15:17:24 +0000 http://milkyourmoney.com/?p=347#comment-739 @ Ryan: I was shocked as well and even more shocked that it hadnt been stricken right away. There are so many other ways to do this and just to benefit some fund managers...amazing. @ Ryan: I was shocked as well and even more shocked that it hadnt been stricken right away. There are so many other ways to do this and just to benefit some fund managers…amazing.

]]> By: Ryan @ Smarter Wealth http://milkyourmoney.com/2008/07/17/borrow-from-your-401k-account-with-a-debit-card-no-more/comment-page-1/#comment-734 Ryan @ Smarter Wealth Mon, 21 Jul 2008 11:56:17 +0000 http://milkyourmoney.com/?p=347#comment-734 This is stupidity. To take money out of your retirement fund just so you can have what you want now. That is of course unless you have enough money behind you to retire EXTREMELY wealthy. Otherwise it is simply just too risky. You need to be looking out for your retirement. We can't just rely on the government This is stupidity. To take money out of your retirement fund just so you can have what you want now. That is of course unless you have enough money behind you to retire EXTREMELY wealthy. Otherwise it is simply just too risky. You need to be looking out for your retirement. We can’t just rely on the government

]]> By: Jessica Bennet http://milkyourmoney.com/2008/07/17/borrow-from-your-401k-account-with-a-debit-card-no-more/comment-page-1/#comment-722 Jessica Bennet Sat, 19 Jul 2008 08:37:40 +0000 http://milkyourmoney.com/?p=347#comment-722 I guess the debit cards were made available to access 401k funds easily and that's the reason perhaps it has increased the number of people withdrawing 401k money even when they can use some other option. But it's always a good option to keep your 401k money safe, otherwise you lose a lump sum part of your retirement money. Regards, Jessica I guess the debit cards were made available to access 401k funds easily and that’s the reason perhaps it has increased the number of people withdrawing 401k money even when they can use some other option. But it’s always a good option to keep your 401k money safe, otherwise you lose a lump sum part of your retirement money.

Regards,

Jessica

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