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When an unexpected expense comes up, you might consider borrowing from your retirement account. Most qualified retirement plans, such as 401(k) and 403(b) plans, offer employees the option to ...
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The 401(k) plan — or its cousin, the 403(b) ... the ability to borrow against it or take early distributions without penalty for a first-time homebuyer,” Sudit says. 5. Maximize your employer ...
Before deciding to borrow money from your 401(k), keep in mind that doing so has its drawbacks. You may not get one. Having the option to get a 401(k) loan depends on your employer and the plan ...
With Social Security and Medicare facing long-term threats to their fiscal health, and company pensions going the way of the dodo, you know how important it is to set money aside for your retirement.
There are good reasons to borrow from a 401(k), but there aren’t many, according to Stephen Kates, CFP, principal financial analyst for Annuity.org and a former wealth management advisor.
Before making up your mind, consider both the short- and long-term effects of borrowing against your own money to determine if a passbook loan is best for you. Pros. Lower interest rates.
As the threat of foreclosure continues to mount for many homeowners, the temptation to borrow against a 401(k) increases. Very bad idea, yet one that occurred to 13-19% more 401(k) holders in 2007.