Answered

What are some implications to consider when borrowing money from your 401(k)?
(SELECT ALL THAT APPLY)
The money you borrow is no longer working for you, which will impact your
retirement savings due to compounding growth loss.
You are not off the hook even if you leave your job. You may need to pay it all
back at once or continue with your repayment plan.
It is not free money, there is a repayment plan.
You will have to borrow the entire amount in your 401(k) all at once.
You will gain more in interest.



Answer :

GinnyAnswer

Final answer:

Borrowing from a 401(k) has significant implications on retirement savings and repayment obligations.


Explanation:

Implications to consider when borrowing money from your 401(k):

  1. The money you borrow is no longer working for you, affecting retirement savings due to compounding growth loss.
  2. You are still liable to repay the borrowed amount even if you leave your job.
  3. It is not free money; there is a repayment plan in place.

When borrowing from a 401(k), understanding these implications is essential to avoid negative consequences on your retirement finances.


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