What can happen when you use your 401-K as a piggy bank :: Wamhoff Financial & Accounting


What can happen when you use your 401-K as a piggy bank

According to the IRS, Americans withdrew $57 billion dollars from their 401-K plans in 2011, before they were supposed to. That translates to $5.7 billion dollars paid in penalties for accessing that money.

Matt Allgeyer, a financial planner at Wamhoff Financial Planning and Accounting Services, discusses the downfalls of using your 401-K as a piggy bank.