After getting laid off, Brad Cleghorn had to cash out his 401(k) to pay the mortgage. "Necessity outweighs any other thing, any investments.," he said.
(Rich Chapman/Sun-Times)
Laid-off workers tapping 401(k) funds to survive
As the last of his severance pay dwindled away in March, Brad
Cleghorn of northwest suburban Marengo cashed out his 401(k) plan in
order to pay his mortgage and feed his family. Cleghorn is not alone. A Hewitt Associates study shows that 46
percent of workers with 401(k) plans who lost or switched jobs cashed
the plans in, a trend that could lead to serious problems when younger
generations of people working today reach retirement.
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