The last hope in a weak economy for some people in their 50's is to move back in with their parents...and there are plenty of stories like this one that all share a similar refrain:
Struggling to save their homes from foreclosure, more Americans are raiding their 401(k) retirement accounts to pay their bills -- and getting slammed with taxes and penalties in the process, according to retirement plan administrators.[...]Weeeeee!! Happy times are here again!
The 401(k) withdrawals are rising mainly because people such as Campbell and her husband want to save their homes. Merrill Lynch found that the primary reason for the rise in hardship withdrawals was to prevent foreclosure or eviction, based on its sampling of applications filed in January.
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