Is It Ever Okay to Borrow from Your Retirement Account?

With the holidays fast approaching, many people may be thinking about ways to get some extra money.  Perhaps you want to do some small projects around the house before guests arrive. Or maybe you want extra money for events that have nothing to do with the holidays. You might want to help a child prepare for an upcoming wedding, or help one prepare to start college. Whatever your reason for needing extra cash, you might be contemplating taking out a small loan, perhaps borrowing from your retirement account. If your retirement plan provider allows you to borrow money from your 403(b), what’s the big deal? Borrowing from yourself to help your kids is acceptable, isn’t it? Read what the author of this article has to say about borrowing from your retirement account. Hint: Don’t do it.