401k debit cards

[wirenut]

I've just heard on a local radio station that it possible to receive a debit card for your 401k. This has got to be one of the worse ideas I've seen. http://www.myfoxdc.com/myfox/pages/...ale=EN-US&layoutCode=TSTY&pageId=1.1.1&sflg=1

 

[fx57]

I've just heard on a local radio station that it possible to receive a debit card for your 401k. This has got to be one of the worse ideas I've seen. http://www.myfoxdc.com/myfox/pages/...ale=EN-US&layoutCode=TSTY&pageId=1.1.1&sflg=1

With the poor investment choices available in many 401(k) plans and the requirement to quit your job in order to get the money out, borrowing the money and buying some gold just might end up being the best way to preserve your retirement funds.

I've considered doing exactly that myself. In the meantime I have everything in foreign stock funds and am hoping the foreign markets won't crash that much.

 

[scooter]

Borrowing against your 401k is considered one of the worst mistakes people can make. Having a debit card to charge against it would be like that mistake times 100.

 

[AceNZ]

Better to just cash out your 401(k). You should be able to more than make up the 10% penalty pretty quickly with the right investments.