The Financial Industry Regulatory Authority has put out a new investor alert regarding the use of the new 401(k) debit card. As Baby Boomers en masse are steadily rolling towards our retirement years, it’s tempting to tap your 401(k)s with the relative ease of using a debit card.
It allows you to borrow money from your retirement savings at an ATM machine. You’ll then receive a monthly bill that includes: a minimum payment due PLUS interest, fees, and a service charge.
Go to The Financial Industry Regulatory Authority’s website to read the alert, 401(k) Debit Cards – Think Before You Swipe. You’ll be glad you did.
~Joan Jackson, Publisher, The Baby Boomer Resource Center.com
