Hendricks County Flyer, Avon, IN

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January 25, 2013

Americans are raiding their 401K accounts

(Continued)

So, those who don't tap into their 401(k) are suckers. They'll just be vilified for it.

Finally, the "blame" for ending up broke will never be placed on the individual who blew his savings, or never saved in the first place. Do you recall any criticism during the last decade of those who took out mortgages they knew they couldn't afford to pay back?

No, in that case, all the blame was on the unscrupulous lenders. The people who got themselves in over their heads were "victims."

That's the way it will be here too. The retirement fund managers, who collect legal fees for their services, will be painted as the cause of suffering for millions of elders who spent all their retirement money before their retirement.

Yes, it is true that a few people tap into their retirement money for very good reasons - catastrophic circumstances like a life-threatening illness. But those are relatively rare exceptions. Yet elected officials, hoping to make citizens ever more dependent on them, declare that they are the rule.

So, don't pay any attention to the alarmists who tell you it's big trouble to spend your retirement money now. Based on today's government incentives, you're a fool if you don't.

- Taylor Armerding is an independent columnist. Contact him at t.armerding@verizon.net.

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