30% Of People With A 401(k) Have Taken Out A Loan Against It: New All Time Recor

[MNeagle]

30% Of People With A 401(k) Have Taken Out A Loan Against It: New All Time Record


Zero Hedge (http://www.zerohedge.com/article/record-number-people-have-taken-out-loan-out-against-their-401k?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedg e+-+on+a+long+enough+timeline%2C+the+survival+rate+fo r+everyone+drops+to+zero%29)

[platinumdude]

I wonder if new laws will come out of this. No more borrowing and maybe even no more early withdrawals.

[ShortJohnSilver]

Is it evidence of people being smart, or evidence of people being dumb?

I want to believe "smart" but my heart tells me "dumb" ...

[Twisted Titan]

Of course the laws will become more draconian.......

look how crazy they are right now....... I never understood the concept.... if I take out a loan and. somehow I get fired I have to pay it all back in 30-60 days or there are severe penalties.

why am I being penalized for an executive decision...... and the money is supposedly mines?

[muffin]

they get you from every direction. If you borrow from your 401k you have to pay it back with interest using after tax dollars. So you take pretax savings, pay interest (to who? - who gets the interest?) and then you have to pay taxes on the money you use to pay back the P + I. Then if you get sacked you have to take the penalty. Run away fast.