Calculate Impact of Early Withdrawal from 401(k) Plan
Some retirement plans allow qualifying participants to a take a loan against their retirement account balance. Many people borrow from their retirement plan to pay off high-interest debt or to make a major purchase. Although the borrowing rates may be favorable, consumers should consider the impact on future retirement earnings. This calculator can help you make a more informed decision about whether a loan makes sense for your financial situation.
This analysis does not take into account any potential loan initiation fees. It also does not consider the impact of taking a withdrawal from the plan for financial hardship. Contact your plan administrator for details on your plan’s loan and withdrawal options.