Balancing student loan payments and retirement savings has always been a challenge. However, a new provision under the SECURE ...

If you took a $10,000 loan from your 401(k) 20 years before retirement, took five years to repay the loan at 5% interest and were earning 8% on your investments, you'd lose about $2,625 in ...

Tapping your tax-advantaged retirement savings seems like a desperate financial move (because it is), yet also a sound one in specific circumstances. Best know what you get into with 401(k) loans ...

401(k) loans vs. personal loans. 24-month personal loans had an average interest rate of 12.49% in February 2024, according to the Federal Reserve.That may be higher than the interest rate offered ...

How a 401(k) loan works. A 401(k) loan is a loan you take from yourself. Not all plans allow them, but if yours does, you can borrow up to the lesser of 50% of your vested account balance or ...

A 401(k) loan could have a detrimental impact on your financial health. Consider these three alternatives. If you’ve already done it, here’s how to recover.

The bottom line is that 401(k) plans are a great way to build long-term resources for retirement, but using a 401(k) loan for current consumption undermines this goal.

Cons of Taking a 401(k) Loan. For a comparison, here are three common drawbacks to consider: Bad for growth. Borrowing from a 401(k) reduces retirement savings and the potential for investment growth.

Image: Flickr user _e.t. 401(k) plans can be a great way to save for retirement, letting you set aside money in a tax-favored account that is free to enjoy long-term growth from the investments ...