If borrowing from yourself sounds attractive, you may be able to use your home equity instead of a 401(k) to access the cash you need. While your application will be more in-depth, many online lenders like SoFi and Marcus by Goldman Sachs offer lightning-fast qualifications and display your interest rate without a hard credit pull. Personal loansĪ personal loan could help prevent the opportunity cost of pulling your money out of the market. Alternatives to borrowing from a 401(k)īefore you take out a loan from your 401(k) and potentially jeopardize your retirement savings, it’s important to explore other options. Taking out a loan means that you would missed out on a more than $3,800 return. If you’d left the money invested in an S&P 500 index fund instead, then you would have $19,034 in your account. If you took out a one-year, $15,000 loan from your 401(k) on Jan. Opportunity costs can be heftyĪny time you pull your money out of the market, you’re missing out on potential gains and the magic of compounding returns. You’ll still need to repay your loan balance in full by tax day the following year. If your plan doesn’t have a repayment plan specific to departing employees, you’re bound by IRS rules. Depending on your plan, you may need to pay the funds back soon after your severance date. If you leave your job, willingly or not, your 401(k) loan will convert to an accelerated repayment schedule. If you file for bankruptcy, you’ll still have to repay your 401(k) loan or face taxes and early withdrawal penalties. Of all the debt types that get discharged during bankruptcy, 401(k) loans aren’t one of them. Some plans offer exceptions if you have a vested balance of less than $10,000, but it’s not the norm. At present, you can borrow up to 50% of your vested account balance of $50,000-whichever is less. Loans have limitsĮven if you can borrow from your 401(k), the IRS sets loan limits. A short conversation with your benefits department or plan administrator can explain your plan’s loan policy. Unfortunately, not all 401(k) plans enable loans. When available, loans from a 401(k) have limits, rules and a few quirks. While it’s pretty simple to borrow from your 401(k), that doesn’t mean it’s a process without its pitfalls. Disadvantages of Borrowing from your 401(k) Putting your payments on autopilot keeps your loan current and more of your money working in the market. Just as your 401(k) contributions get auto-deducted from your paycheck, so are your loan repayments. If you’ve found qualifying for traditional loans difficult because of your credit score, a credit check-free loan from your 401(k) could be a saving grace. No credit impactīorrowing from your 401(k) rarely comes with an inquiry into your credit report, and loans aren’t reported to the three major credit bureaus. A bonus? The interest you pay goes into your account instead of your bank’s coffers. You’ll still pay interest on a loan from your 401(k), but you could save compared with interest rates at traditional lenders. In that case, you’ll pay the penalty and taxes if you’re under the age of 59 ½. One exception is if you default on your loan. You’ll generally avoid taxes and penalties if you borrow from your 401(k). While hardship withdrawals from a 401(k) get taxed as ordinary income and come with a 10% early withdrawal penalty, loans don’t suffer the same fate. The caveat? If you’re married, some 401(k) plans require spousal approval on loan applications. While you’ll need to provide some basic information to your plan administrator, it’s not nearly as much as you’d need to give a bank. Since you’re borrowing money from yourself, there’s no exhausting loan application to take out a loan from your 401(k). You can keep contributing to your 401(k) while you pay the loan back-an option that may not be available if you take a hardship withdrawal. Not only do you get to borrow from yourself and pay yourself back with interest. When cash is tight and options are few, a 401(k) loan can help you quickly bridge a financial gap-and with notable benefits. Payment schedule speeds up if you leave your employer Potentially lower interest rates than traditional loansĬan’t discharge 401(k) loans in bankruptcy
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