Saturday, May 18 2013 9:47 PM EDT2013-05-19 01:47:12 GMT
Thomasville Police are looking for two men who attempted to rob a store, scaring customers and clerks. Police say they responded to the Dollar General on West Jackson Street around 9:15pm Friday. EmployeesMore >>
Thomasville Police are looking for two men who attempted to rob a store, scaring customers and clerks.
Saturday, May 18 2013 6:59 PM EDT2013-05-18 22:59:02 GMT
Dougherty County police are searching for a motorist who hit a pedestrian and then fled the scene. Authorities say it happened around 11pm Friday near the 3900 block of Radium Springs Road. PoliceMore >>
Dougherty County police are searching for a motorist who hit a pedestrian and then fled the scene. More >>
Saturday, May 18 2013 6:58 PM EDT2013-05-18 22:58:50 GMT
It's graduation time for high schools in Dougherty County and students are ready to embark on their next journey. 230 graduates received their high school diplomas from Westover Comprehensive High SchoolMore >>
230 graduates received their high school diplomas from Westover Comprehensive High School this Saturday morning.More >>
Saturday, May 18 2013 6:44 PM EDT2013-05-18 22:44:14 GMT
Investigators are trying to find some clues as to who took nearly two dozen cell phones from a Mitchell County School. Pictures of the Baconton Community Charter School file room show where students cellMore >>
Investigators are trying to find some clues as to who took nearly two dozen cell phones from a Mitchell County School.More >>
Saturday, May 18 2013 12:48 PM EDT2013-05-18 16:48:01 GMT
The family of an Albany teenager who died on Friday, isn't sure how they'll pay for her funeral. 16-year old Keyanna Lang died from a heart condition. Due to her illness the family couldn't keep lifeMore >>
The family of an Albany teenager who died on Friday, isn't sure how they'll pay for her funeral.More >>
ALBANY, GA (WALB) -
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.