Meaning?
Hi,
Could you please tell me what is the meaning of "cashed in the firm's retirement plan" in the following text?
On the top of that, their financial position was precarious in the extreme. Gordon had just cashed in the firm's retirement plan.
Thanks
Top answer
"the firm's retirement plan" is some kind of investment that was intended to pay a pension to Gordon and/or others in their old age. However, they are so much in need of money right now that Gordon has "cashed in" this plan, meaning that he has sold all the investments for cash.
- "the firm's retirement plan" is some kind of investment that was intended to pay a pension to Gordon and/or others in their old age.
- However, they are so much in need of money right now that Gordon has "cashed in" this plan, meaning that he has sold all the investments for cash.
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"the firm's retirement plan" is some kind of investment that was intended to pay a pension to Gordon and/or others in their old age. However, they are so much in need of money right now that Gordon has "cashed in" this plan, meaning that he has sold all the investments for cash.
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