Monday, September 27

401 (k)

401 (k), 401(k) loan, Buying A Home, DFP, Freelancer, Personal Finance, Personal Finance Insider, pfi, PFI GOBankingRates, PFI Related Content Module, PFI-XAMP, Retirement Savings

3 reasons you shouldn’t borrow money from your 401(k) to buy a house, according to financial experts

It is possible to borrow money from your 401(k) to buy a house, but many experts don't advise it. If you can't pay the money back on time, you'll likely owe income tax plus a 10% tax penalty. Plus, you could lose out on compound interest, and borrowing the money may indicate a larger problem. Read more stories from Personal Finance Insider. A lot of my friends are buying houses right now, and I have a lot of questions for them. I usually start off by asking the non-intrusive questions, like why they've decided to say goodbye to renting or how they landed on the house of their dreams. Then, I ask the burning question I just need to know — how are they affordi...
401 (k), DFP, HSA, IRA, Personal Finance, Personal Finance Insider, pfi, PFI GOBankingRates, PFI Related Content Module, PFI-XAMP, Retirement, retirement planning, Retirement Savings

Watching my dad retire 10 years earlier than expected made me change my money habits in 3 ways

My dad is retiring 10 years earlier than he expected, and it made me change my saving habits. I realized retirement doesn't always happen when you expect, so I increased my savings. I also started looking into an HSA to save more for healthcare expenses later. Want to share your retirement story with Insider? We're looking for retirees to profile. Send reporter Liz Knueven an email at [email protected] My dad didn't expect to be leaving work in 2021 — he thought he had about 10 more years left. But, he decided to take a deal to retire 10 years earlier than expected. He's always extolled the merits of 401(k)s and IRAs to my brother and me, and encouraged...