Question: I’m 55 and married with a $1.5 million 401(k) balance. I earn about $150,000 a year and expect to remain in my job until I retire. I’m planning a major home improvement project, but I lack the immediate cash to cover it.
Since the interest rate on most credit cards is astronomically high, I’m considering a 401(k) loan instead. Is this a sound strategy for someone of my age, or will it harm my future retirement?
