Ask Terry Questions 401k Loan?

401k Loan?

By Terry Savage on July 12, 2020 | Financial Planning / Retirement

I took out a loan on my 401k. Now due to the Cares Act, I can withdraw up to the entire amount that’s in my 401k. Is it a good idea to withdraw an amount to cover the loan since I’m putting it back into the 401k? This will put 372.18 back into my bi-weekly take home pay!

Terry Says

And what are you going to do for money when you’re 70?? You’ll lose all the earnings on the money that would have been in there working for you! Don’t fool yourself. Figure out an altenative!

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