Comments on: The 401k Debit Card http://www.livingalmostlarge.com/2008/07/25/the-401k-debit-card/ Trying to live large ...one step at a time Thu, 18 Mar 2010 14:57:04 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: Sense http://www.livingalmostlarge.com/2008/07/25/the-401k-debit-card/comment-page-1/#comment-2213 Sense Sat, 26 Jul 2008 11:58:01 +0000 http://www.livingalmostlarge.com/?p=864#comment-2213 Groan...i guess alot of people like that the fallout of a move like this won't happen until people reach retirement age, and find themselves with no money. then the government will have to bail out those people too...we just keep digging ourselves a bigger hole. Groan…i guess alot of people like that the fallout of a move like this won’t happen until people reach retirement age, and find themselves with no money. then the government will have to bail out those people too…we just keep digging ourselves a bigger hole.

]]> By: Clair Schwan http://www.livingalmostlarge.com/2008/07/25/the-401k-debit-card/comment-page-1/#comment-2212 Clair Schwan Fri, 25 Jul 2008 20:35:50 +0000 http://www.livingalmostlarge.com/?p=864#comment-2212 I agree that this is foolishness, but we also have to recognize that the money belongs to the decision maker, and they can do what they wish with it. I don't believe in trying to protect people from their own bad decisions like the lottery or a casino. If they must spend money in an attempt to purchase happiness, then nothing is going to stop them until they run out. The up side is that many of us recognize the folly and won't get involved. The best that can be done is to make certain the message is loud and clear - this isn't how your retirement savings is meant to be spent. Other than that, we can only wait and see what happens in 3 to 5 years. Clair I agree that this is foolishness, but we also have to recognize that the money belongs to the decision maker, and they can do what they wish with it.

I don’t believe in trying to protect people from their own bad decisions like the lottery or a casino. If they must spend money in an attempt to purchase happiness, then nothing is going to stop them until they run out.

The up side is that many of us recognize the folly and won’t get involved. The best that can be done is to make certain the message is loud and clear – this isn’t how your retirement savings is meant to be spent.

Other than that, we can only wait and see what happens in 3 to 5 years.

Clair

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