Borrowing from your 401(k) might be the right decision in certain circumstances. Taking a 401(k) loan to pay off high-interest debt, like credit cards, could reduce the amount you pay in interest to lenders.
If you decide a 401(k) loan is right for you, be sure to:
- Avoid borrowing more than you need
- Pay it back on time and in full
- Continue making contributions into your 401(k) plan
It might be tempting to reduce or suspend your contributions while you're paying off your loan but continuing to save is essential to meeting your retirement goals.
For more information on HCA Healthcare’s loan provision, go to HCAGHR.com, click Benefits, and select BConnected.
Remotiv is not affiliated with HCA Healthcare and is a private company hired to provide independent investment education. All responses are intended to be educational in nature and should not be considered advice.