• 401k Loan Interest: Everything You Need to Know

    401k Loan Interest: Everything You Need to Know

    If you’re considering taking out a 401k loan — borrowing from your 401k — then you’ve probably already heard that there’s interest involved in this loan. So what’s the deal with this 401k loan interest? Let’s take a look. First of all, don’t take borrowing against your 401k lightly. Yes, it’s your money and you’ve already earned it, but you should not think of your 401k the same way that you think of your savings account. First of all, this is the retirement income you’re talking about. If you mess it up, nobody’s going to fix it for you, and you won’t have enough time to refill it through more hard…

  • Loans,  Personal Finance

    Should I Fund an IRA or Finish Paying Off Loans?

    Editor’s Note: As part of a special project on The PerkStreet Blog, we’re offering free question and answer columns on Saturdays with Customer Columnists Clint and Katy Davis of Davis Coaching. If you have a question you’d like to submit to get advice from these financial coaches, email it to editors@perkstreet.com. Question 1: Fund an IRA or Pay off Debt? Dear Clint and Katy, My husband and I have been working hard and we’ve paid off all our credit card debt. We still have one student loan left at about $56,000, and our total combined income is about $144,000. We’re considering funding our IRAs while we finish paying off the college…