401(k) plans are powerful tools for retirement planning. But they’re not perfect – the benefits of 401(k)s have come into question even to the point where some people suggest avoiding them altogether. Before giving up on the 401(k), it’s important to understand the benefits that a 401(k) plan offers. You might ultimately decide that it’s […]
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Be Careful When Cashing Out a Retirement Account to Pay off Debt
It’s tempting to dip into retirement savings when you’ve got a large debt to pay off. That retirement money is sitting there in one large chunk, and you know that it’s supposed to be used for many years’ worth of retirement income, but it’s also painful to let debts linger. The monthly payments might be […]
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Borrow From IRA – Is IRA Borrowing Allowed?
Some retirement plans allow you to borrow against your account value. The question becomes, can you borrow from IRA’s? IRA borrowing is not allowed. However, you can do a few things that are very similar to IRA borrowing if you’re in a cash crunch. IRA Borrowing in 60 Days If you want to borrow from […]