Americans have been suffering from the devastating effects of inflation and inordinately high interest rates, leaving many struggling to survive. Some have resorted to credit cards for essential items but a growing number (13% of account holders at the beginning of 2024) have borrowed from their 401(k) retirement plans. The accounts have become an appealing source of funds. For most of them, this can be a serious mistake. Most financial experts advise against borrowing from these accounts and there are several reasons why. When you invest in your 401(k), the money you put into the account is sheltered from income...

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