Two of my employees have asked for in-service distributions from our practice's 401(k) plan. While still employed, is a participant able to receive a distribution?J. D. B. SchillerMedical economics
The ability to take out a loan helps make a 401(k) plan one of the best retirement plans, but a loan has some key disadvantages. While you’ll pay yourself back, you’re still removing money from your retirement account that is growing tax-free. And the less money in your plan, the...
Loans and withdrawals from workplace savings plans (such as 401(k)s or 403(b)s) are different ways to take money out of your plan. A loan lets you borrow money from your retirement savings and pay it back to yourself over time, with interest—the loan payments and interest go back in...
The Vanguard Group said new data showed around 13% of its customers took out a loan on their 401(k) retirement funds in 2023. Elizabeth O'Brien, senior personal finance reporter at Barrons, joins CBS News to discuss the pros and cons of tapping into
While the money is borrowed, you miss out on potential stock market gains plus compounding interest that grows your retirement savings. Many 401(k) plans allow users to borrow against their retirement savings. It’s a relatively low-interest loan optio...
If you take a distribution and don't pay it back, that is less money for retirement. You'll lose out on compound interest growth, which is your interest earning interest. Many people often lower the automatic contributions to their 401(k) plans when taking out a loan, Voris pointed...
My thought is to take out a 1 year $11,000 TSP loan at 2% towards the end of the year to fully fund our Roth IRA while still maxing out our 2015 401k tax advantaged space. The alternatives are to keep the money in the 401k and forfeit funding the Roth IRA this year or to signif...
Hey, stranger! We’re Joanna and Johnny (and the three mini-humans we made). We’ll show you that normal people can figure out this money stuff by sharing our own journey. Because believe us — if we can figure this crap out, anyone can. And it all starts with a budget. ...
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1. I don’t really need the money. When you take the financial issues out of when to claim SS, it makes things a lot simpler. We have more than enough to live on throughout our lives, so SS is just a bonus for us. In fact, when I began blogging in 2005 I used to say things...