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There are good reasons to borrow from a 401(k), but there aren’t many, according to Stephen Kates, CFP, principal financial analyst for Annuity.org and a former wealth management advisor.
The minimum withdrawal age for a traditional 401 (k) is technically 59½. That’s the age that unlocks penalty-free withdrawals. You can withdraw money from your 401 (k) before 59½, but it’s ...
However, except in special cases you can't withdraw from your 401(k) before age 59.5 Even then you'll usually pay a 10% penalty. It's even harder to tap 401(k) funds without paying regular income tax.
Advantages of borrowing from a 401 (k) Borrowing from your 401 (k) isn’t ideal, but it does have some advantages, especially when compared to an early withdrawal. Avoid taxes or penalties. A ...
1. Calculate your total income. When you’re retired, your income can come in from many different places that include 401(k)s, pensions, IRAs, Social Security and, sometimes, a paycheck ...
While borrowing from your 401(k) account can hurt your long-term retirement planning, that’s not the only consideration. There are also tax implications if you’re not able to repay the funds ...
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