The Dangers of 401(k) Loans

Date: Jan 22 2013

Filed under: Retirement, Personal Finance, Retirement Plans, 401K

By Mandi Woodruff

Dipping into your 401(k) plan is tantamount to journeying into the future, mugging your 65-year-old self, and then booking it back to present day life.

And still, it turns out one in four workers resorts to taking out 401(k) loans each year, according to a new report by HelloWallet — to the tune of $70 billion, nationally.

To put that in perspective, consider how much workers contribute to retirement plans on average: $175 billion per year. That means people put money in…

The Dangers of 401(k) Loans originally appeared on DailyFinance.com on 2013-01-22T06:00:00Z.

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