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kleinbl00  ·  1223 days ago  ·  link  ·    ·  parent  ·  post: The WSJ's grinning apocalypse of post-COVID retirement

    8. The 401(k) will morph into a multipurpose account

    The economic crisis has shown that for many people, the priority should be to build an emergency fund before putting money into a 401(k), where savings can be hard to access before retirement.

    David John, a senior policy adviser at AARP, says employers are already starting to use a new kind of flexible savings account that lets workers funnel salary deferrals to more than one goal, including emergencies and retirement. Other future uses could include health-care and college expenses. Mr. John predicts that once the accounts become popular the government will apply the current tax advantage for retirement savings to them.

LOL your 401(k) is no longer just for retirement it's your lifeline to avoiding your Chevy-Astro-in-the-Walmart-parking-lot future also be sure to pay it all back somehow 'cuz remember you need $1.2m squirrelled away.