The current economy has forced some workers to borrow from their 401(k) accounts in order to pay for critical living expenses, ultimately jeopardizing their future retirement. Fidelity has found that the average age of those taking a loan or hardship withdrawal is between 35 and 55 years old – when individuals often have to deal with multiple, competing, financial challenges.
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The rise in taxes is attributed to the expiration of four key pieces of legislation, the Making Work Pay credit, the Advance Earned Income Credit, and the 2001 and 2003 tax cuts, all set to expire on Dec. 31.
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