138: What You Need to Know Before You Borrow From Your 401K
Apr 12, 2023
24:59
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Sometimes we find ourselves in need of additional cash. Whether it's to pay off debt, buy a house, deal with an emergency or finance a project, it can be tempting to take money out of or borrow from our retirement plans. Tune in to learn more about what you should know before you borrow from your 401K.
Notes:
In this episode Luis speaks about the following and more:
The difference between a 401k withdrawal and a 401k loan
The pros and cons of borrowing from your 401k
Little known tax consequences of borrowing from your 401k
What happens if you have a 401k loan and you lose your job or leave your employer
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