Viewpoints Industry and Borrowing from a 401(k) Plan

There are times when it is absolutely necessary to borrow from a 401(k) retirement plan. Viewpoints Industry shares the types of loans to take that won’t hurt you in the long run.

Keep in mind that some plans and some employers have set rules on taking a loan from a retirement plan. If you need to borrow money from the plan, it is best to know that you won’t lose your job soon and can pay it back within the timeline given. Payments are taken from your paycheck. That is something else to remember before taking money from a retirement plan. Always be sure to read all of the terms and conditions before signing on the line to borrow money from the plan.

If you find yourself out of work with a lot of credit card debt, consider borrowing from the plan to pay off the debt. But be sure there are enough funds in the plan to do this. If wanting the loan to buy a new car or home, traditional loans are better and the percentage rates are usually better.

The 401(k) loan is good for a short-term loan rather than a long-term loan. Viewpoints Industry suggests holding off from borrowing from a retirement plan if possible. The funds growing in the account will be needed when it is time to retire. With the economy still struggling to get on track and the job market looking iffy at best, save those funds for the future. Instead, go to a financial website like bankrate.com and see if there are any banks willing to compete to give you a better loan deal for your needs.

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Viewpoints Industry on a New Look at Retirement

(travel today because tomorrow you may not be able to)

A recent survey reports that many Americans fear being broke in retirement, yet really don’t want to change the way they live right now. This prompts Viewpoints Industry to take a new look at retirement for tomorrow.

Roughly 55% of those who responded in the survey said they fear not having enough money in retirement. The report from Bank of America’s Merrill Edge report, which is released twice per year, also found that 90% of the 1,000 people they polled do have retirement funds in various forms. Sixty-three percent said that living in moment is important to them while they believe that their standard of living will diminish in the after-work years. Many said that competing financial priorities get in the way of regularly saving for retirement. Some of those priorities are paying for a child’s college education, paying down debt, assisting elderly parents and rebuilding emergency savings after a job loss. Tomorrow’s retirement is much different than that of the Boomer Generation’s parents.

Many people who are nearing retirement age or are fast approaching it are finding a new way to enjoy view the coming years. Those who choose to “live for today” and spend earnings on rewarding vacations may know that they are more physically able to travel farther and enjoy new experiences while their health is good. Retirement is what we make of it whether that means endless games of golf and bridge, or working part-time to supplement any savings stashed away. Viewpoints Industry TV encourages readers to re-think what retirement means to them. Tomorrow is near. Retirement is close. What do you want your retirement to be?

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