Anne Tergesen
speaker
4,485 appearances
83 recordings
1 series
first heard Jul 2017
last heard Feb 2025
Anne Tergesen’s voice in public audio — every appearance, attributed to the second.
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Appearances
Some employers impose waiting times between paying off one loan before you can take another.
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So you really need to kind of be familiar with what your plan allows.
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Yes, that is a good first step.
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And the law used to require people to take out a loan before they could take a hardship distribution.
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Often that's not a bad way to proceed if you need the cash.
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The downside to a loan is that if you don't pay it back, then basically the plan treats it as if you have taken a distribution and
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They deem it a distribution which requires you to pay income tax and potentially a penalty on it anyway.
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So you could end up in the same situation.
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But with a loan, you have a little bit more flexibility to potentially pay yourself back.
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No, the 401k is a retirement account, and it's designed to help people save for retirement.
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And a growing number of employers are really trying to take the decision-making out of the hands of their workers.
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They're automatically enrolling them.
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They're automatically increasing their savings rate each year unless the employees opt out.
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And the inertia effect is such that most people stay in and allow their savings rate to increase every
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each year.
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On the flip side, because people often don't pay attention to their 401k, there are some people who maybe take on more debt than they would otherwise because the money's coming out of their paycheck and going into their 401k.
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So it's kind of a nuanced situation.
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And for some people, the 401k in this country has been also built with the idea that some flexibility should be built in so that people can reach that.
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For a lot of people, the 401k is where they save their money.
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And they don't have a lot of savings outside.
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Showing 701–720 of 4,485 · page 36 of 225
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