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Baby boomers are becoming homeless at a rate ‘not seen since the Great Depression’ (moneywise.com)

submitted 2 years ago by [email protected] to c/[email protected]

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[-] [email protected] 0 points 2 years ago

401k works fine if you actually use it. A big problem is people didn't contribute, where pensions generally had mandatory contributions. Also letting people borrow on them was a bad idea.

[-] [email protected] 6 points 2 years ago* (last edited 2 years ago)

And borrowing on them is just a bad idea. At least in the case of my 401k, there's no early payoff, you don't make interest off it while it's borrowed, it really can hurt in the long term unless the loan amount is very small.

I looked out of curiosity because I want to buy a house somewhere in the next 5 years, and immediately ruled out any consideration of borrowing off 401k.

this post was submitted on 25 Sep 2023

354 points (99.7% liked)

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