When will you receive your refund? The answer depends on how you filed your return. The IRS should issue your refund check within six to eight weeks of filing a paper return.
Miss last month's newsletter? No problem. We keep the last 6 months of newsletters here for you to read.
Breaking Into Your 401(k) is an Expensive Way to Raise Cash
If you're looking for money to buy a new car or pay off some bills, your 401(k) plan may seem like a pot of untapped gold.
The temptation to tap your retirement funds often comes when you switch jobs and must decide how to handle your account. But in most cases, breaking into a retirement plan early is a mistake that will just melt away your savings.
Unfortunately, more than 50% of all workers "cash out" their retirement accounts when they leave their jobs, according to one survey.
Let's say you're taking a new job and you need $15,000 to buy a new car for commuting. Taking the money from your 401(k) account will hurt you in two ways:
This is an extremely expensive way to finance a car. You're better off getting a conventional car loan.
Another option: If you desperately need money, look into borrowing against your 401(k) balance, rather than withdrawing the money outright.
In any event, consult with your financial adviser before making any moves with this money.
Mark Mirsky | 02/04/2019