I took a loan from my 401k on Sept 20, 2011 of half the balance (about $41,000) to purchase a home. I've made minimum payments over the last 82 months and will pay it off with a lump sum next month. In that period of the time my 401k has increased by roughly 10.3% per year. So the return I've lost over that 7 year period is about $21,600 (about 53% of the loaned amount).
Seems like there's several posts a day about people wanting to take a loan from their 401k. That's the cost even if you pay it back in a somewhat aggressive manner. So you need to have a very good reason for the loan.
Submitted July 22, 2018 at 08:44PM by whoomprat https://ift.tt/2uGETsV
