Should You Consider Freezing Your 401(k)?
Trent from Washington asks: "I was recently offered the chance to put a security freeze on my 401(k) through my employer. This prevents any distributions, loans or withdrawals but allows me to continue all their transactions. To remove the freeze requires a notarized letter and takes up to seven days. I plan to retire in five years. I don't plan on withdrawing any funds prior to my retirement. Is freezing my 401(k) something I should consider?"
Clark’s Take on Whether You Should Freeze Your 401(k)
As you may know, Clark is a big fan of credit freezes, which prevent people from opening new loans in your name. And he says he also likes the idea of freezing your 401(k).
Clark says: "I am so excited. I have never heard of this being offered as an option. It deals with something I've talked about prior, with people stealing from people's 401(k) plans and all the problems with that."
“I hope that security freezes become a standard kind of thing for 401(k) plans,” he adds.
To hear Clark’s full take on this question, listen to the segment:
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