Sanger News (Sanger, Tex.), Vol. 7, No. 22, Ed. 1 Thursday, April 25, 2019 Page: 5 of 14
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Should You Borrow
from Your 401 (k)?
Financial
FOCUSll
By Allen Cluck,
Edward Jones
If you work for a busi-
ness that offers a 401(k)
plan, consider yourself for-
tunate, because a 401 (k),
with its tax advantages and
variety of investment op-
tions, is a great way to save
for retirement. But what if
you need to tap in to your
plan before you retire? Is it
a good idea to borrow from
your 401(k)?
To begin with, you need
to determine if a loan is
even available. You can only
borrow from your 401(k)
if you’re still working for
the company that offers the
plan, but even so, you’ll have
to check with your human
resources area to determine
if loans are allowed. If they
are, you’ll want to weigh the
pros and cons before taking
action.
On the “pro” side, it’s
pretty easy to get a 401(k)
loan - there’s no formal loan
application and no mini-
mum credit score required.
Plus, you’re only borrow-
ing from yourself, and you
Allen Chick is a Financial
Advisor with Edward Jones in
Sanger. He can be reached at
940-458-7866.
you have nowhere else to
turn, you may need to bor-
row from your 401(k). And
some plans allow hardship
withdrawals for medical
expenses and other needs,
although you’ll still be taxed
on the amount you with-
draw.
But you’d probably be
better off if you can pre-
pare, well in advance, for sit-
uations in which you need
immediate access to a siz-
able sum. One way of doing
this is to build an emergency
fund containing six months’
to a year’s worth of living
expenses, with the money
kept in a liquid, low-risk ac-
count. You also might find
some resources in the part
of your investment portfo-
lio held outside your 401(k).
For example, you can always
withdraw contributions to a
Roth IRA without incurring
taxes (although the earn-
ings on these contributions
could be taxable if you take
the money out before you’re
59 7> and you’ve had your
account less than five years).
In any case, you work
hard to build your 401(k) -
so, no matter where you are
in life, think carefully about
how you will use the money.
can generally repay the loan
with automatic paycheck
deductions, typically over a
five-year period.
However, you’ll also en-
counter some “cons” when
taking out a 401(k) loan,
particularly concerning tax-
es. If you had not borrowed
from your 401(k), the mon-
ey you took out could have
been growing on a tax-de-
ferred basis, assuming you
used pre-tax dollars to fiind
your plan, and your with-
drawals will only be taxed
once. But when you borrow
from your plan, you will
have to repay it, along with
interest, with money you’ve
earned - and been taxed on
- and then, when you with-
draw it later, you’ll pay taxes
on it again.
Furthermore, if you
leave your employer before
fully repaying your loan, the
outstanding balance likely
will be taxable, although
you may have a grace peri-
od in which to pay it off and
avoid taxes.
And perhaps even more
important, taking money
from your 401(k), even if
you repay it later, will al-
most certainly slow the
growth potential of your
account - which, in plain
terms, means you may have
less money available for re-
tirement.
Of course, if you en-
counter an emergency, and
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(940)458-1959
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Thursday, April 25,2019 ♦♦♦ Sanger News ♦♦♦ www.lemonspublications.com
♦> email: sanger@lemonspublications.com
5
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Sanger News (Sanger, Tex.), Vol. 7, No. 22, Ed. 1 Thursday, April 25, 2019, newspaper, April 25, 2019; Sanger, Texas. (https://texashistory.unt.edu/ark:/67531/metapth1238680/m1/5/: accessed July 17, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting Sanger Public Library.