Скачать или смотреть 3 Times When You Should Borrow from Your 401k [Despite What Experts Say]

There ARE circumstances where it may make MORE sense to pull from your 401k than borrowing the money another way – despite the financial risks involved in doing so. In this video, we cover 3 scenarios when it makes sense to take a 401(k) loan.

🔴 Check Out: How to Qualify for a 401k Hardship Withdrawals    • How to Qualify for a 401k Hardship Withdrawal  

🔗 References in video: https://www.newyorkfed.org/medialibra...

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A word of warning about taking 401k loans because there are some things out of your control that could cost you more in the long run.

If you fail to repay the 401k loan within the specified timeframe, you may face substantial taxes and penalties. This can significantly erode the amount available for retirement, as well as create an additional financial burden.

If you pay off the loan during the specified timeframe, you won’t have to pay penalties and you won’t have to pay taxes either, as the loan was paid off. It’s not a distribution if you pay it off. But that’s the key to this – you have to make sure you can pay the loan off in that timeframe.

The second factor to be aware of – and one you cant control – and that is, what happens if you have to repay the loan faster than anticipated?

This could happen in the event of a job loss or if you move jobs and transition to a new employer.

In the case of a job loss, sometimes you have no control over this.
And the last thing is missing out on potential growth and the compounding of the borrowed amount can be massive – especially if you borrow in a down market and the market goes up during the timeframe you’re paying back the money.

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