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Hope you didn't need your retirement money.

Well, there are some funds out there that are putting locks on people's 401k plans. Lost your job so you need the money so you don't loose your house? Well, too bad for you. If the stock market takes another nose dive, you can jsut watch your investments tank while you can do very little about it.

http://articles.moneycentral.msn.com/Investing/Extra/401k-funds-putting-locks-on-your-cash.aspx?page=2

Answer Question
 
smalltowngal

Asked by smalltowngal at 12:25 PM on May. 8, 2009 in Politics & Current Events

Level 1 (-9 Credits)
Answers (11)
  • Yeesh. Ok serious question, because I have no idea - if you apply for public assistance do they take 401k's into account? Meaning if people have these locked 401k's and their unemployment runs out, can they be turned down for PA because the money is there, even if they aren't allowed to touch it?
    NotPanicking

    Answer by NotPanicking at 12:27 PM on May. 8, 2009

  • We had IRA's when my husband got laid off in the summer of 2007 and because of that "we made too much money" for Food Stamps.
    AnnHenderson

    Answer by AnnHenderson at 12:35 PM on May. 8, 2009

  • I have noticed our mutual funds tanking...

    So far the 401k is not loosing money just because of the matching funds the company puts in - I hope at least that stays consistent.
    mogencreative

    Answer by mogencreative at 12:36 PM on May. 8, 2009

  • Glad my dh all ready lost his job and was able to pull his 401(K)!
    Anonymous

    Answer by Anonymous at 1:38 PM on May. 8, 2009

  • I would never touch my 401K right now anyway. Thats stupid. For one, you pay taxes and penalties out the ass, and for 2 i'm not trying to need PA when i'm 65-70 years old. Duh, that is the reason for the 401K.
    Anonymous

    Answer by Anonymous at 7:28 PM on May. 8, 2009

  • Our company switched from 401k to 403b. Better IMO.
    ozarkgirl3

    Answer by ozarkgirl3 at 7:47 PM on May. 8, 2009

  • 401k accounts like playing in the stock market is money that you are SUPPOSED to "forget about" and not need to live on. Then it will HOPEFULLY be enough to supplement your retirement, along with the equity in your home (reverse mortgage loans being popular among retired home owners), and medicare, plus any other liquid assets you may have acquired along the way.

    Anonymous

    Answer by Anonymous at 8:03 PM on May. 8, 2009

  • I would never touch my 401K right now anyway. Thats stupid. For one, you pay taxes and penalties out the ass, and for 2 i'm not trying to need PA when i'm 65-70 years old. Duh, that is the reason for the 401K.

    Get back to us if you lose your job
    NotPanicking

    Answer by NotPanicking at 9:09 PM on May. 8, 2009

  • Get back to us if you lose your job

    Still won't touch it.
    Losing my job is a very real possibility for me. I get 4 months severence, 6 months unemployment, have an 8 month emergency fund, and have already had an interview for a new better paying job because i'm planning ahead. Since thats the kind of person I am. I don't touch my 401K. Like I said. It's stupid to do so.
    Anonymous

    Answer by Anonymous at 9:18 PM on May. 8, 2009

  • What if you're fired from your job and you want to roll your 401k into an IRA and change what it's invested in and the company your 401k is through doesn't let you?
    smalltowngal

    Answer by smalltowngal at 9:46 PM on May. 8, 2009

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