Can a Worker Get a Break? (Take Two)
Cross Posted: Workplace Prof Blog
A follow-up to yesterday’s post discussing stagnating wages and later retirement ages (this one from the Washington Post):
Six months ago, Ivan Sanchez was optimistic about his future. He had recently earned a bachelor’s degree in business management and was writing a book about growing up among gangs and guns in the Bronx.
Then he was threatened by something else: a credit card bill, student and car loan debt, higher gas bills and rising rent. With two high school age children in need of clothing and school supplies and a toddler in need of much more, it didn’t take very long for Sanchez’s optimism to fade. That’s when he decided to do what any financial planner would advise against: He dipped into his 401(k) retirement plan.