Every week I have at least one or two people come in and say they NEED their 401k money now that they are leaving.
They may have saved up a decent amount of money, and end up cashing it out so they can pay off credit cards or blow it on home renovations or something. I’m in no position to count on it for my retirement, as most 401k plans allow long positions only.
One common mistake is taking money out of 401k plans or IRA in order to pay off credit card debt.
Retirement funds like 401ks and IRAs are 100% protected from both creditors and bankruptcy trustees.
Because if you know these assets are protected and your plan is to protect these assets at all costs, you will realize much sooner that it is in your best interest to file for bankruptcy protection.
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