A 401(k) loan can help you pay off debt, but it can harm your retirement savings and become a repeat move depending on various factors, one study found. Here's what to know about 401(k) loans.
Taking out a 401 loan can help borrowers pay off immediate debt like credit cards and medical bills. But picking into these savings before retirement may not be the best option, and it could become a repeat move. In fact, more than half of participants who took at least one 401 loan took multiple loans over a five-year period, according to a multi-year study published this year by the Employee Benefit Research Institute and the Investment Company Institute .
With inflation rising in August, the cost of living adjustment to Social Security benefits could increase 3.2%, according to an analysis by The Senior Citizens League . That would bump average monthly payments to $1,847.30, up from last year's average of $1,790. Driven by a 40-year inflation high, the COLA increased to a historic 8.7% in 2023.
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