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Special Report - The Retirement Industry - October 11, 2012
Unemployment causes some to dip into 401(k)s, jeorpardizing retirement
Tough economic times cause some to tap into 401(k), other savings

By Jessica Valencia
Of the Journal of Business

Mark G. Powers, of NAS Pension Consulting Inc., says it can be hard for an unemployed person to keep from dipping into a retirement account in order to make ends meet.
Mark G. Powers, of NAS Pension Consulting Inc., says it can be hard for an unemployed person to keep from dipping into a retirement account in order to make ends meet.
—Staff photo by Jessica Valencia
As people lose their jobs due to the economy, more people have started to take money out of 401(k) plans and individual retirement accounts to make ends meet, says Greg Stewart-Longhurst, certified public accountant and founder of Stewart & Associates PS.

"Many times, it doesn't help them financially, it just decimates their retirement money," he says.

A 2012 study released by Transamerica Center for Retirement Studies supports Stewart-Longhurst's belief. The study s...


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