If you haven't saved enough for an emergency, it's on you, and borrowing money for an emergency when you have it is another stupid thing which is on you

Two stupids don't make a smart.

 

“It’s a terrible idea to take money out of your 401(k),” said Ted Jenkin, a certified financial planner and co-founder of oXYGen Financial, based in Atlanta. ...

Households should weigh all their options for cash before resorting to tapping a 401(k) plan, said Jenkin, a member of CNBC’s Advisor Council.

For example, households without an emergency fund might be able to free up money for a relatively small short-term cash need by canceling or reducing membership plans, or by selling little-used or unneeded items on Facebook Marketplace or a garage sale, he said. A short-term loan or home equity line of credit would generally also be better than tapping a 401(k).

More.

There's nothing like paying a steep price for a mistake to keep you from making it again. Only morons pay twice.

 

What else would you expect someone to say who makes his living selling retirement products?

 

LOL, inflation means the $400 emergency you couldn't afford in 2019 under Trump now costs $1,000 under Joe Biden

 

In 2018 68% of Americans couldn't afford a vacation, a concert, a ball game or even dinner out and a movie

Here at home, we see the ever-widening gap in our wealthiest cities — New York, San Francisco, LA — which are suffering from homeless crises of epic proportions. Forty percent of Americans don’t have $400 saved in case of emergency. Last year, 68 percent couldn’t afford a ­recreational activity — from a vacation to concerts to a professional sporting event to even dinner or a movie — for lack of funds.

This year, the Census Bureau reported that the gap between the rich and poor has hit its highest level in the 50-plus years since they began marking it. Adjusting for inflation, the average household income is the same as it was 20 years ago. The average American can’t afford to buy a house in 70 percent of the country.

More here.

Scott Winship in National Review thinks only 37% can't cover a $400 expense, not 47%

The toxicity of "47" from the 2012 election remains.

Here.

How still over a third is hard put to come up with $400 for an emergency is better news describes the self-satisfactions of elite New York conservatism in the age of Obama, under whom income inequality has reached new heights along with the wonderful expanded safety net including welfare state insurance. Why, the middle class doesn't even need to save 3-months' expenses anymore, he says! Go Hillary.

The essay is otherwise full of cherry-picked dates which make the comparisons nothing more than glazed apples to preserved oranges.

47% would have to borrow the $400 for an emergency, sell something, or not be able to pay it

There's that number again.

And you thought the answer to everything was 42.

Story here.

Do You Save $1,400 Each Year For Retirement?

I didn't think so.

Half of the country can't scrape together $2,000 for an emergency let alone for retirement. Meanwhile, $2,000 represents the median amount  individuals have saved for retirement, meaning half of you have set aside less than that.

Well, $1,400 is how much state and local governments want to raise your taxes every year for 30 years to pay for government (usually union) employee pension promises.

That sounds fair. You have very little saved for retirement, but you should pay huge sums in taxes every year so some paper pusher can look forward to a life of ease and entertainment at your expense.

The story is reported here.

Nearly 50 Percent of Americans Can't Come Up with $2K for an Emergency

Story here. NBER paper here.