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Frittering away their 401(k)

Almost 10 percent of those who have taken a loan from their 401(k) said they used it to buy something special.

By Nick Thornton | Updated on September 16, 2014
(Image courtesy of David Castillo Dominici/FreeDigitalPhotos.net)

Taking a loan from your 401(k) “is never a good idea,” says Catherine Golladay, vice president of 401(k) services at Charles Schwab.

A recent Schwab study found that nearly a quarter of 401(k) participants take loans from the retirement plans.

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Nick Thornton

Nick Thornton

Nick Thornton is a financial writer covering retirement and health care issues for BenefitsPRO and ALM Media. He greatly enjoys learning from the vast minds in the legal, academic, advisory and money management communities when covering the retirement space. He's also written on international marketing trends, financial institution risk management, defense and energy issues, the restaurant industry in New York City, surfing, cigars, rum, travel, and fishing. When not writing, he's pushing into some land or water.

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