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Disclaimer: The U.S. Social Security Administration substantially limited the use of the “free loan” strategy in 2010, see press release | federal ruling The brief’s key findings are: An unconventional strategy allows individuals to use early Social Security benefits like a “free loan,” paying back the principal while keeping the interest. If this strategy were widely adopted, it…
The brief’s key findings are: The 2007 Survey of Consumer Finances shows 401(k)/IRA balances of $78,000 for those approaching retirement, a modest improvement over 2004. This progress was due to slightly higher participation rates, improved diversification, reduced leakage, and the maturation of 401(k)s. However, by October 2008, the stock market collapse had reduced 401(k)/IRA balances…