Americans will soon be able to take penalty-free withdrawals from their 401(k)s, but experts say think twice about using retirement savings

found pre-retirees, Americans 56 to 61, had a median balance of $21,000 in their 401 accounts in 2016, which is the most up-to-date data on file. That total reflects almost 30 years of savings. Younger generations do not fare much better. Older millennials have about $1,000 saved in their 401s.

Additionally, Mitchell predicts that the U.S. will see an increase in applications for early Social Security benefits, particularly if the recession is long and hard. "People taking early benefits will end up with a lifetime of lower payouts, and if they already ate into their 401s, they'll be more likely to face shortfalls in their later years," she says.

MakeIt

MakeIt same old... same old... spend to grow/save the economy/capitalism whilst also saving for your retirement. ffs...change the record. PLAYED TO DEATH...isn't just an expression. throwtheball goodshipvenus fortytwo

MakeIt Duh! Strategic use of funds are imperative to funding a long retirement. Leverage your retirement, use a reverse mortgage if you want to age in place.

MakeIt ExitAllMarkets

MakeIt Uh huh. It’s a trap!

MakeIt but experts no need any money

MakeIt Very simple-- DON'T DO IT! Instead, take this time to add funds to your retirement account. Everything is on sale right now.

MakeIt . No need to take money out of your 401K. Soon you will receive money. NancyPelosiThanksForMyStimulus 🥳 GOP FoxNews MAGA WhiteHouse RepublicansAreKillingUs FBR

MakeIt Listen to me! If you need money and you can’t borrow, then yes please take money out of your falling 401k immediately. All 401ks have fees and all very limited investment capabilities.

MakeIt I was saying this all along! No penalty At any age,m!

MakeIt Beg borrow or steal first.

MakeIt Unfortunately, it will be the young couple/family that has managed to acquire a small nest egg, but their job loss will require their 401k to be their lifeline. Sad, but true. Those gov’t check(s)/Unemployment only go so far 😕

MakeIt If this virus explodes, I would recommend it to pay off all bills and maintain a safety net. Get monthly expenses to as little as possible.

MakeIt DON’T DO IT UNLESS LIFE DEPENDS ON IT.

MakeIt Terrible idea! This is their way to let the middle class bailout themselves by tapping their retirement accounts. Notice they alway say a “family of four is getting 3k” but never say if you make 150k you get nothing? .SpeakerPelosi

MakeIt Of course, don't withdrawal and crash the market on the rich. You retirement funds will absolutely be there in how ever many years when you need it. Trust them.

MakeIt Uh this is a fire sale. Everything must go. Sell sell sell.

MakeIt Get your money out of wAll street ASAP!

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