Photo: Yepoka Yeebo / Business Insider
We came across this man’s “impossible decision” on Reddit:I have 3 children (20 yrs., 14 yrs., and 9yrs.) and a very supportive wife. My position of 26 yrs. at a well known department store has been cut. It is truly the only job I have known as I have been working there since my college days. I started working the docks and from there a regional manager and finally a corporate buyer, and now all that has been lost. I am no stranger to travel, but I have already moved my family twice and I can’t bare the financial cost once more. I still owe the mortgage payment on my current house which amounts to about $137,000; however I do have a 401k that would cover at least 3/4 of that allowing me to at least pay of most of my current house. This is where I am unsure of what to do. Do I take a penalty and pay off my house so we have a roof over our heads? Or do I loose the house and collect unemployment until I can find another job? I am all very new to this and especially reddit, but my son assures me that you all are the best of crowds. Thank you in advance.
Most people on Reddit say that he shouldn’t touch the 401(k).
From our series of interviews with the long-term unemployed, we can confirm that many Americans are facing the same decision.