Fox News panelists sparred this week over a recent Senate bill aimed at keeping retirement savings from becoming a rainy-day fund. [See Senate bill would restrict 401(k) loans]

With about a third of savers borrowing from their plans, retirement clearly has taken a back seat. No, the 401(k) wasn't designed to be a penny jar for cash-strapped days, but it's also not untouchable. That's why it's so appealing.

So when a bill to limit the number of loans from 401(k)s got introduced, it became, according to some panelists, another attempt at compromising our freedom and telling us we're incapable of protecting ourselves or our retirement.

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