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A 401k plan also has restrictions on how the money can be used and what it can be used for. Normally, you are prohibited from making withdrawals from the plan until you reach age 59 1/2 except in the case of special circumstances. Many employers do, however, have rules in place that allow you to borrow from the plan with additional rules indicating how it is to be repaid. In recent years, because of financial difficulties, many families have found themselves dipping into their 401k plans to make ends meet. This, however, should always be a last choice of funds because when you borrow against your 401k, you are putting your future retirement plans in jeopardy.

Read more at what is 401K plan?

Retirement and Financial Planning In Poor Economic Times

So, you’ve decided to open an individual retirement account, ira, through the company you work for. Unfortunately this is only the first decision, there are many more to be made. You may want to instruct the custodian of your individual retirement account, usually your employer, to purchase stocks, bonds, or mutual funds on your behalf. Typically real estate is not used for individual retirement accounts, since it is not permitted to be held unless it is done so indirectly through say, a real estate investment trust (REIT).

But with the economy as it is, you are going to have to save a lot more so you can retire at a reasonable age. I suspect that we are going to see a lot more older folk trying to get back in the workforce because their retirement savings will no longer keep them with food clothing and shelter as they had planned.