Retirement and 401(k)
Retirement Living: Borrow from your 401(k)?
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August 12, 2013
Sometimes you really don't have a choice.
All other savings, including your emergency savings, are depleted. There's a pile of money in your 401(k). It's a tempting solution to your money problems, but do you really want to mess with your retirement nest egg?
Hello, I'm
Rodney Brooks
An award-winning journalist, writer and author and my specialty is retirement planning and other personal finance issues. I have written for many national publications, including USA TODAY, The Washington Post, U.S. News & World Report, AARP and National Geographic. I am available to speak on personal finance, financial literacy and the racial wealth gap.
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The author tells the history of the Freedman’s Savings Bank, how it grew much too quickly, why it failed and the impact on Black America. The Freedman’s Bank offered a safe depository for formerly enslaved people, expanded quickly and gained millions in deposits – mostly ranging from $5 to $50. But inexperience and corruption doomed it to failure, costing may of the small depositors their savings.
