Allen says you should know what your cash flow is before deciding how much you money you have in retirement and how much you have set aside. “Go and talk to your advisor,” said Allen. Talk to somebody in your 401(k) plan and just say ‘I want to get my money back into retirement savings.’ It can happen. It can happen in over a three-year period.”
Source wrex.com Allen says there are two reasons why people took money out. That was to use it for emergencies and to prevent further financial loss. But many people don’t know what their cash flow is. What Allen encourages people to do if they took out too much money is to return the money to their 401(k).
The News Highlights
- Research shows that many people withdraw more money than they need
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