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In our analysis of retirement plan records kept by T. Rowe Price, we examined how untimely retirement account loan withdrawals—many times to fund emergency needs—can hamper successful retirement outcomes.
- Make borrowing from your 401(k) a one-time option. Never take a loan from your 401(k) plan just because you can; it is not your personal ATM. If you are in a situation where you have to take on debt, a 401(k) loan offers these advantages
- Proceed with caution. There are drawbacks to keep in mind when taking money out of your retirement plan: If you leave your job (your choice or not) and have an outstanding loan, make sure you understand your obligations.
- Keep contributing to your 401(k). The best action you can take is to keep up your contributions while paying back the loan. At T. Rowe Price, we find within our own retirement plan business that 89% of people who have an outstanding loan against their plan continue to contribute.
Sep 26, 2023 · T. ROWE PRICE PUBLISHES NEW STUDY SHOWING THAT 401 (k) LOANS ARE ON THE RISE AND EMERGENCY SAVINGS ARE LOW AMID INFLATION IN FIRST HALF 2023. PR Newswire. Tue, Sep 26, 2023, 7:36 AM 4 min...
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related to: t. rowe price 401k loansPut Our Strategic Investing Approach to Work for You. Contact T. Rowe Price® today. At T. Rowe Price®, Find Opportunity in Active investments that Fit Your Unique Goals.
