I was thinking about borrowing from my retirement

I was thinking about borrowing from my retirement plan to pay my bills,which totals to 6,200.Do you think that would be a bad idea?

2 Answers

This is terrible idea. I would never think about such a thing. If I was in your situation, I would have asked my friends or relatives to lend some money. I would find a good job or work very hard to get a promotion. I will earn the required money and pay back my friends as early as possible.


I am not a professional like the others but I will try to answer you. If you have a profit sharing plan through your job, I would say that is not such a bad idea because with profit sharing you repay yourself with interest and there are no penalties. However, if this is your actual retirement then you may be subject to a big loss because I think they tax you for things like that, and 6200 does not seem like that much money to come up with if you can save 516 a month for the next 12 months or half and add on your income tax refund if you get one. People can really save about this much by using prepaid cells and dropping the cable. Its really up to you and if you would end up loosing more in the end than its worth: ) Good luck and ask your job about the tax issues.


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