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Sagot :
Final answer:
Borrowing from a 401(k) has significant implications on retirement savings and repayment obligations.
Explanation:
Implications to consider when borrowing money from your 401(k):
- The money you borrow is no longer working for you, affecting retirement savings due to compounding growth loss.
- You are still liable to repay the borrowed amount even if you leave your job.
- It is not free money; there is a repayment plan in place.
When borrowing from a 401(k), understanding these implications is essential to avoid negative consequences on your retirement finances.
Learn more about Implications of borrowing from a 401(k) here:
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