Is it good to take loans from Retirement Savings Accounts?

Is it good to take loans from Retirement Savings Accounts?

Well, Good Question!! The answer is YES and NO. YES: If you take loan from your own Retirement Savings Account, you pay interest to yourself and it is good for you. It is like challenging yourself with some more commitment, while you achieve what you want now, instead of waiting for your retirement amount, if you are just 40 years old right now. NO: If you take loan from your own Retirement Savings Account, you are breaking your own retirement money, which is not good from another perspective. Also, if you loose your job, and if you are not able to end up in some other job sooner, it becomes difficult to pay back the whole loan amount. The above views are personal. please research, while you make a decision. Thank you