Wednesday, February 11, 2009

Payday Loans No Help For Retirees who Lost Investments

Retired workers rejoining work force

Many people have had to delay plans to fulfill their retirement dreams.
Many people have had to delay plans to fulfill their retirement dreams.

People who were once retired may be eligible for payday loans once again as more of them go back to work. After seeing their stock market investments and 401ks take big hits last year, some have no choice other than to start bringing in a paycheck again.

Big numbers

In the state of Washington alone, 71 percent of residents who were polled said they were worried about their retirement accounts, according to The Spokesman-Review newspaper. An AARP survey in the same state said 18 percent of retired residents were considering going back to work.

The good news is that people with steady paychecks are more likely to have the option of borrowing payday loans if they need extra cash.

Staying employed longer

Washington residents still in the work force are considering putting retirement off, and 60 percent of the people polled said they will do that if things don’t get better.

Trouble with 401ks

Last year many people stopped putting money into their 401ks. In fact, 25 percent of the workers surveyed in Washington said they had done that, and 14 percent actually paid penalties to pull money out of their retirement accounts. ... click here to read the rest of the article titled "Payday Loans No Help For Retirees who Lost Investments"

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