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There was a guy who wanted to be able to put money into a 401k plan WHILE he was unemployed... I am thinking, where are you getting money to put for retirement if you are unemployed... then the guy said, that he would use "unemployment checks to put into a 401k plan"... I am thinking, the unemployment check is limited for one... two, its suppose to help with you living and therefore you will need easy and direct access of it, which the 401k won't give you... three, this guy is a freaking liar, its obvious he was getting paid under the table and not pay his taxes but was asking for a way to circumvent it to put money into retirement savings... and then there was another caller who said he been unemployed for 3 years and was ready to get a gun to hurt people... what is wrong with people in good old blue Michigan...
The guy who wanted to put his unemployment check into his 401k may have enough unearned income to live on. He might have an employed wife though if he did, he could put money into an IRA. He may live with someone who is paying most of his expenses -- partner, parent, child.... Or he could be making enough off-the-books/under-the-table/cheating-on-his-taxes to live off. While unemployment is taxable income, he would defer paying takes on any amounts put into a regular IRA or 401k until he withdraws it from that plan.
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