Millennials Are Making This Risky Move With Their Retirement Savings
Withdrawing or borrowing money from their 401k plans is becoming all too common among Millennials. A recent report from The Transamerica Center for Retirement Studies found this cohort most likely of any demographic group to tap into their retirement accounts; about one in three have done so. This compares to 15% of Gen Xers and 10% of baby boomers taking loans or early withdrawals. This will cost Millennials years of compounding of interest and growth and make retirement more difficult later. Read Christy Bieber’s full article here where she suggests other viable alternatives.