Here's the Only Way You Should Borrow From Your 401(k)
NEW YORK (TheStreet) -- Anyone with a home or rental payment and a mountain of bills on top of that can relate to the temptations of borrowing from your 401(k).
The fact is, though, you shouldn't do it -- at least almost never.
Not many people take a loan from their 401(k) plan. According to a recent study from TIAA-CREF, only 29% of Americans have, and of those, 44% say they "regret the decision."
"Paying off debt was the top reason for taking out a loan from retirement plan savings, cited by 46% of respondents, yet only 26% of respondents said paying off debt was a good reason to take out a loan," TIAA-CREF says. Women were more likely to take out a 401(k) loan, by a 51% to 42% margin over men.Also see: Debt Is Dragging Down the American Dream Also see: Most Companies Fail Workers on Automatic Enrollment, Hikes in 401(k)s
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