Is Now the Time to Give Yourself a 401(k) Loan?

In planning how to finance a large purchase before age 59 ½, it’s common to consider the idea of taking a withdrawal or a loan from a 401(k) or another retirement account. Taking money from your retirement funds is not a decision to be made lightly and can come with a few undesirable consequences. But the Coronavirus Aid, Relief and Economic Security (CARES) Act has allocated $2 trillion for economic stimulus and relief, including provisions to make it easier and more sensible for some to access their retirement funds. 

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