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By Jess Bedsole
Hopefully, you have a 401(k) in place already where you and your employer contribute the maximum allowed amount per pay period. If so, that’s great! You’re on the right path to having a retirement nest egg when your working days are over.
However, sometimes if you are maximizing your retirement contributions, the cash flow you have left over is more limited than you’d like. Maybe you’re hoping to put a down payment on a house or perhaps medical or credit card bills have piled high or your home needs some renovations this year.
Here are some things to know about if you are thinking of borrowing against your 401(k) plan:
Now that you know it can be quite costly to borrow against your 401(k) plan, you probably want to know some alternatives to having a little extra cash flow.
If you are already a homeowner, consider a HELOC for additional funds. You can install a new kitchen, repair an outdated patio or put in a pool.
Trying to buy your first home? Think about where you can cut costs first to build your emergency fund and checking account. Consider canceling cable, simplifying your cellular plan or taking the weekly dinner and a movie off of your social calendar.
There are many ways to boost your savings today and prevent borrowing from your 401(k). Do the research to decide if taking a 401(k) loan is right for you, since it will definitely affect you in the long-run, when it’s time to retire.
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