But borrowing from a 401(k) isn’t always a bad idea. For those with the right jobs and circumstances, borrowing from your company’s retirement plan may actually be smart, said Christine Benz, director of personal finance at Morningstar in Chicago.
The ability to borrow from your 401k is a safety net. Like most safety nets, ideally you never use it, and you get comfort out of knowing it’s there. But you may reach the point where a 401k loan is the only option you’ve got.
There are limits to gazelle intensity. Never cash out a 401(k) to pay off debt unless it’s the only way you can avoid bankruptcy or foreclosure. Why Do People Cash Out Their 401(k)s Before Retirement? Even with all the taxes and fees that come with early 401(k) withdrawals, many folks are not deterred from raiding their nest eggs.
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Borrowing from 401 (k) Plans. Whether borrowing from your 401 (k) plan is a wise decision or not depends upon your circumstances, but it can often be a wise decision provided you have considered all the pros and cons of such borrowing, know how to plan for it and are able to repay it in time.
Some good reasons to borrow from your 401 (k) When you borrow from your 401 (k), you can get the money you want for a home in as little as a week and with nothing more than a phone call. Plus, as you "pay yourself back", you earn interest on your loan, which can make the 401 (k) withdrawal seem like a good deal.
Is it wise to borrow from your 401k? | Yahoo Answers – Ok I have over 12k in debut and i have a very large 401k to the poient to where i can borrow 9k from my 401k and pay it back at 8% over 60 months. Is this wise what are the pros and cons thanks.
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