[HonkyTonkMan]

I have borrowed from the 401K. I pay myself back the interest. Better option than paying all that interest up front to the lender. One look at an amortization table and the author might change his mind, although I suspect “borrowing” may actually mean “withdrawal” in this case.

[Romulus]

I borrowed from my 401k once. To my surprise, I wasn’t paying interest to myself at all.

[Responsibility2nd]

This surprised me. I would not have guessed repayment would be so high.

https://www.perplexity.ai/search/what-percentage-of-people-pay-1K7uAeSbTVunIDd59pomYA

[Mean Daddy]

Te issue with borrowing from most 401ks is the interest you’re paying back may not match what the market would have paid and most plans won’t allow you to contribute until its paid back.

I have a friend who back in the 80s lost his job & he had to cash out to support his family. He’s still working and he’s 70. Every dollar you invest in your 20s is worth $85 around the time you retire.

[cherry]

while working I did borrow from the 401k...made sense since you pay yourself back a little bit more...better then sky high credit cards etc..

I have taken out of my retirement now that I am actually retired..paid off remaining credit cards, no car loans, no mortgage...much easier to figure out your finances when you don't have alot of debt.

I play slots too much but even in that I've trimmed back a whole bunch and hubby hardly ever goes...

I doubt we have enough life insurance but we have a little til age 80....