all 6 comments

[–]CrazyjanecreepyjeffReality Monger 4 insightful - 1 fun4 insightful - 0 fun5 insightful - 1 fun -  (1 child)

It's been normalized to pillage your own 401k and IRA. We've had multiple loan officers encourage us to dip into our retirement savings.

[–]NetweaselContinuing the struggle 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Well, if you can actually pay back the loan, it would be better to borrow from yourself than from anyone else....

Personally, I took the "cash out with penalty" option -- wasn't going to be able to pay it back.
In my specific circumstances, it served me well.

[–]rondeuce40DC Is Wakanda For Assholes 5 insightful - 1 fun5 insightful - 0 fun6 insightful - 1 fun -  (1 child)

Sounds about right, my retirement tracker has a 3% confidence level that I'll have enough money for retirement. The price of everything going through the roof kinda makes that a reality.

[–]captainramen🇺🇸🛠️ MAGA Communist 🛠️🇺🇸 4 insightful - 2 fun4 insightful - 1 fun5 insightful - 2 fun -  (0 children)

So 4 slices of avocado toast at 2040 prices

[–]LeftyBoyo67Tired of Dem Pefidy 4 insightful - 1 fun4 insightful - 0 fun5 insightful - 1 fun -  (1 child)

The stats in the article are pretty brutal: a mean of $245,342 vs a median of $40,00 is some radically uneven wealth distribution. It's no wonder the PMC's running/supporting the Democratic Party have no interest in change.

[–]RandomCollection 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

That means that the upper middle class must have over a million dollars saved for retirement.