Thinking of Borrowing Against Your Retirement Savings? You May Want to Think Again.
It's not unusual to run into a situation where you need to borrow money. And given where interest rates are today, you may prefer to borrow against your own retirement savings, rather than pursue a personal loan.
If you're housing your retirement nest egg in an IRA, borrowing against your balance generally will not be an option. But some 401(k) plans do allow account holders to take out a loan against their balances.
You might think that borrowing from your 401(k) is a good idea. But a 401(k) loan has the potential to backfire in a notable way.
Source Fool.com
