Cashing out your 401(k) is almost always a bad idea, according to financial expert Chris Hogan. Here's what to do with your investments if you change jobs.
The accounts allow employers to create a plan that lets employees invest a portion of their wages for retirement.You have a few options; cashing out should be a last resort, according to financial expert and radio show host"The only time you really want to touch your 401 is to prevent bankruptcy or foreclosure," Hogan said.
Pulling money out of your retirement accounts in most other situations prevents you from taking advantage of upswings in the market, Hogan said. Check out this video to learn the four moves Hogan recommends everyone should make to protect their 401.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more: