03/07/2012 08:55 am ET

CBS MoneyWatch: Tapping Into Your 401(k)

Amid a tough economy, the number of employees dipping into their retirement savings plans is soaring, CBS Moneywatch reports. While tapping into your 401(k) may seem like a promising place to turn for quick cash, Carmen Wong Ulrich, CBS News financial contributor and author of "The Real Cost of Living", warns against doing so. In a conversation with reporters James Brown and Rebecca Jarvis, Wong Ulrich discusses the pitfalls of dipping into your 401(k) and offers alternatives.