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For many, a common thought is that it’s a good idea to borrow money against your 401(k) if you are short on liquid income. But is this really the best idea for your future self?
In part five of this mini-series, Charlie debunks the myth that you should take money out of your 401(k) before your desirement years.
In this episode you will learn:
- Why it’s not a great idea to take a loan on your 401(k) before you retire
- The difference between a loan provision vs. hardship distribution withdrawal
- Alternatives to reduce expenses or create more liquid income
- How taxes play into the 401(k) loan conversation
- And more!
Tune in as Charlie reveals everything behind the myth that suggests you should borrow money from your 401(k)!
Related: Will You Really Be In a Lower Tax Bracket When You Retire?