For most folks, taking out a 401k loan is a very expensive proposition, solely because loan repayment money is taxed twice: once when it goes in as a loan repayment, and once again when it comes out as a retirement distribution. My advice: think twice before you take out a loan from your 401k. Read on and see what conclusion you draw…
The Availability and Utilization of 401k Loans.
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About Mike Wilson
Michael L. Wilson, MBA, CFP®, CRC®, is the owner of Integrity Financial Planning. Prior to founding Integrity in 1998, he worked for two years as a faculty member at the College for Financial Planning in Denver, training other financial advisors. Mike has 10 years of experience in the mutual fund industry, having worked with Fidelity Investments and Invesco Mutual Funds. He holds an MBA in Finance from Baylor University. Learn more about his work at www.integrityplanner.com.
