Can I Raid My Own Retirement Fund To Raise Cash For An Emergency?

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January 31st, 2012

I’m more than short and my car just died

I need money desperately. My small engineering practice, meaning me, has been having a hard time finding work. Then I was offered a construction supervision job in the next town. It means I have to be on the site about 3 times a week. The money is good and the sixty mile drive is easy. All went well for the first month or so. I watched the excavations get under way and the foundations went smoothly.

Breakdown

It was early on a Monday morning g when the car died on the freeway. I managed to get it off the road and called a tow service. In the workshop the mechanic finally stood up and said “Go and buy yourself a new car, this one is finished.” After all these months with little or no income I finally found work and now the car is dead? I couldn’t believe it. What will I use for money? I remembered an ad I had seen in a paper a week ago. “Money from your retirement fund”? At home I prayed that I hadn’t thrown that paper away. It was lying in the recycle bin waiting to be collected.

The article

I read ether article quickly: When in dire financial straights it is possible to turn to one’s retirement accounts as a source of emergency cash. The Financial Security Index, an annual survey by Bankrate.com, found that people in the survey who are employed full time reported dipping into their retirement account at some point in 2010. Early withdrawals indicate that the people who withdrew the money did not have much money put away in case of emergency.

Retirement

According to CNN, retirement is becoming a dream that not many people believe they will be able to realize. A survey by the American Institute of CPA’s revealed that nearly 40 percent of working people surveyed believed they would not be able to afford to retire. Almost 56 percent said that they couldn’t afford retirement savings because food and gas costs were too high, and 55 percent had no idea how much would be necessary to save to retire. As a result of less confidence in the ability to retire, the younger set in the workforce are more apt to stay with an employer who offers a top shelf pension plan, according to Daily Finance. A Towers Watson survey revealed that 43 percent of respondents believed it was a great reason to stay at a job, up from 28 percent in 2009.

Retirement fund

My retirement fund is looking very healthy. I have been contributing for years and no matter what, I always managed to pay the premiums. Suddenly I’m faced with no money and I read in the papers that retirement is becoming a dream anyway. I need money now so I can keep working to the point where I can make my own decision about retirement. What I need is a car so I can make money. I’m off to the bank to visit my retirement fund.

This entry was posted on Tuesday, January 31st, 2012 at 4:30 am and is filed under Employment, Finance, Retirement. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Can I Raid My Own Retirement Fund To Raise Cash For An Emergency?

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