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Insights
Financial Insights
By
Lorenzo Amaya
With inflation at its highest, most Americans are feeling the cost of goods and services without any new changes to their regular monthly obligations.
According to Bankrate, the average account balance is $5,300 and dwindling rapidly, leaving people to tap into retirement funds.
Now comes the challenge, should I pull funds from my 401k, which is also plummeting and may not recover fast enough when it's time for me to retire?
The real question we should be asking is why 401k’s are used as a MAIN means by which we save for retirement.
This is not my opinion but from the father of the 401k, Mr. Ted Benna, who regrets opening the door for Wall Street.
The Father of the 401(k) and the retirement plan
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