Most people know it's not the wisest idea to borrow or withdraw money from your retirement fund before you retire. And yet 29% of Americans have taken out a 401(k) loan, according to a study from TIAA-CREF Financial Services, and of those who have borrowed from their 401(k), nearly half have taken out two or more loans….
The Big Payoff Debate
The Debt-Retirement Security Connection
Reduce – or Eliminate – Debt for More Retirement Certainty
One of the first things we establish for any financial or retirement plan is a net worth statement, or your assets and liabilities. This gives us a great picture of what you have to work with now to obtain your goals. It's especially important for those close to retirement because pretty soon you'll more than likely be "subtracting" from what you have to generate income, rather than adding to it through your work earnings. Logically, the more you have on the liabilities side of the balance sheet, the less actual net worth you have to pull from....