Retirement accounts have taken a brutal beating over the past year. Not only have many lost substantial value, what’s left is being raided by the people who put the money there in the first place.
“If you really have no other source of savings, tapping your 401k or retirement account may be your best option. But, you should think about that as a loan to yourself and that you’re going to pay that back,” advises University of Wisconsin financial specialist Michael Collins.