Borrowing money from a 401(K) is unfortunately a pretty common practice. Though majority of people with 401(K) plans do not touch their retirement savings and take out a loan against it, there are enough people who do so, committing a mistake with serious financial repercussions. Photo Credit: 401(k) 2013 While borrowing from your 401(K) may seem like a good idea at first … [Read more...] about 4 Reasons Why Borrowing from Your 401(K) is a Bad Idea
In the United States, as in many other developed countries, the government has a system set in place that will equip workers to prepare for their retirement. This is called the 401k retirement plan, or 401k for short. The traditional 401k is set up so that a worker can invest part of his income without having to pay taxes on it immediately. Only when the money is withdrawn … [Read more...] about What is a 401k?
Retirement is something that we all look forward to, and for those who work hard for practically every day of their lives, retirement serves as some sort of reward. However, unless you were born rich or you receive an inheritance somewhere along the way, it is absolutely necessary for you to make sure that you have enough money to last you for the rest of your non-working … [Read more...] about How to Prepare for Retirement
Retirement is something that working people look forward to. Indeed, many of us dream of retiring as early as possible so as to enjoy our lives without working our bums off. In the United States, the majority of workers prepare for their retirement by putting money into 401(k) plans while they are still part of the workforce. However, it cannot be said that the average … [Read more...] about Things You Should Know About Your 401(k)