Sen. Kohl says 401(k) debit card is a bad idea

Posted by Staff on July 16, 2008 |

At a hearing on retirement savings, Senator Herbert Kohl (D-Wisc.) says that using 401(k) debit card is a bad idea. Kohl points out that it implies it is alright to use one’s retirement savings for everyday purposes. will diminish savings. In addition to being a gross distortion of plan’s intended use, Kohl notes the high fees plan charged to participants and says this will reduce savings when Americans retire. (0:52)

 
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July 16, 2008
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