4 years agoBy Dr Taylor Macintosh
If you are in need of cash, you may consider taking out a 401(k) loan. With a 401k loan, you are basically lending money to yourself.
You can typically take out up to 50 percent of your retirement funds or $50,000, whichever is less. Your employer sets the terms of a 401(k) loan, which must be repaid within five years unless you are using the loan to purchase your primary residence. In that case, it typically must be repaid within 10-15 years. Your payments on the loan are taken out of payroll AFTER taxes.
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