during the downturn to make ends meet compared to 31% of white american. most startling is how many more blacks and hispanics used their 401(k)s to pay their bills a move that experts say caused both groups to slip further from long-term financial security. senator block a personal finance reporter for usa today and wrote about this. this is an interesting top to talk about, especially as we talk about 401(k)s, people operate under the assumption that money is socked away for a rainy day it stays there over time accrues interest and you retire with it. what makes dipping into the 401(k) a risky move during receipt session. it s risky any time. when you take money out of a 401(k) for whatever reason the irs is going to take a big chunk of it. you ll have to pay income taxes and probably early withdrawal penalty. that can eat up up to 30, even 40% of the amount that you took