Monday, May 20 2013 11:25 AM EDT2013-05-20 15:25:03 GMT
Two men, one black and one white, burst into the Petro Store at the intersection of Highway 200 and Highway 45 Sunday night, and attacked the clerk, stealing money. The victim told authorities that theMore >>
Two men, one black and one white, burst into the Petro Store at the intersection of Highway 200 and Highway 45 Sunday night, and attacked the clerk, stealing money.More >>
Monday, May 20 2013 10:54 AM EDT2013-05-20 14:54:19 GMT
Information from the Georgia Lottery- ATLANTA – A Valdosta man has won a huge jackpot prize playing Fantasy 5. William Gilbert, 71, matched all five numbers from the May 16 Fantasy 5 drawing, winningMore >>
William Gilbert, 71, matched all five numbers from the May 16 Fantasy 5 drawing, winning the 484,201 jackpot prize. Barretts, 6685 Bemiss Road in Valdosta, sold the Quik Pik ticket.More >>
Monday, May 20 2013 10:45 AM EDT2013-05-20 14:45:59 GMT
Thomasville Police Officers responded to Walmart in reference to a shoplifting Sunday night. Employees told police a man left the store with a shopping cart full of items without paying. The employeesMore >>
Thomasville Police Officers responded to Walmart in reference to a shoplifting Sunday night. Employees said the man pulled knife and began swing it at them. He then ran to a vehicle parked in the parking lot and attempted to leave however, but the car would not start, so he took off running.More >>
Monday, May 20 2013 9:30 AM EDT2013-05-20 13:30:40 GMT
By PAMELA SAMPSON AP Business Writer BANGKOK (AP) - The price of oil fell Monday ahead of the release later this week of economic data from the U.S. and China, the world's two largest economies, andMore >>
The price of oil fell Monday ahead of the release later this week of economic data from the U.S. and China. Benchmark crude for June delivery was down 55 cents to $95.47 a barrel, but gas in East Albany was $3.42 this morning....More >>
Monday, May 20 2013 9:03 AM EDT2013-05-20 13:03:02 GMT
A Lowndes County man is behind bars after deputies uncovered nearly half a million dollars of marijuana. Deputies responded to a complaint at Jose Sanchez's house on Highway 129 North Friday. AuthoritiesMore >>
A Lowndes County man is behind bars after deputies uncovered nearly half a million dollars of marijuana.
More Americans are dipping into their 401-K accounts to make ends meet, but financial advisors say that's one of the worst mistakes you can make with your investment money. So why do people keep doing it? And how can you avoid it?
It's the start of a New Year...and those credit card bills are no doubt piling up from the holidays. This along with other factors leads many people to turn to their retirement savings for a quick fix. But you better think twice.
"When you're looking at money you begin to see that maybe your check book is empty but that is full, so you start looking for options."
Vic Sullivan with Wells Fargo Advisors says dipping into your 401k early can be one of the worst financial decisions someone can make. And the penalties can be severe.
"Whatever money you pull out, it will be taxed at whatever income bracket you might be in and then they have to pay an additional 10 percent penalty," he said.
Last year, Americans withdrew an estimated 70 billion dollars through 401k loans. That's 1 in 4 workers dipping into long term savings…many of them young professionals. But the added costs don't end there.
"You know have higher earning for that year than you probably anticipated. So what's going to happen when April 15th rolls around? Your taxes are going to be higher than you anticipated."
While some 401k plans don't allow for loans or offer hardship loans, Sullivan says one of the best things someone can do in need of emergency funds is apply for a bank loan.
"Yes you would have to pay some interest on a bank loan, but in many cases that interest is going to pale in comparison to the guaranteed cost of pulling money out of a retirement plan."
A recent study found that 401-k withdrawals doubled from 2004 to 2010 going from 30 billion to 60 billion dollars.