All Posts Tagged With: "401k plan"

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Borrowing From 401k Plans

The following chart shows that the poor practice of borrowing from 401K plans is in an uptrend.

This is worrying in that this means that people considered to be well off are having a difficult time in the current economic environment. If relatively rich people are struggling to make ends meet then the vast majority of the middle class and certainly poor people must be under a lot of financial pressure and stress.

In taking money out of a 401K plan you are basically stealing money from yourself. Not only are there unfavorable tax consequences but you have tapped into funds that were meant for retirement. The decision to try and maintain your current lifestyle by taking money out of a 401K instead of cutting back on expenditures may well haunt you in later years.

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29Mar2008 | taipan | 0 comments | Continued

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