401(k) Loans – The Great Gotcha

Over on the Finance Gourmet information site, there is an article on the downside that most people forget when they take out a [tag]401(k) loan[/tag]. Most plans require you to repay the full amount within 90 days if you leave the company. If not, it is an early withdrawal for people under 59 1/2 — OUCH!

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  1. [...] residence are exempt from this requirement.Be careful with 401k loans however, There are many downsides to a 401k loan.Exception for First-Time Home BuyersOne of the trickiest thing about financial planning is that [...]

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