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Mullooly Asset Management, Inc

Mullooly Asset Management

Fiduciary Fee-Only Financial Planner | Investment Advisor in Wall, NJ

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Saving Money and Your Retirement Plan

Why You Shouldn’t Be Borrowing From Your 401k Video

January 21, 2013 by Thomas Mullooly

 

A basic concept of financial planning is SAVING MONEY. This is pretty simple, but some people don’t get it. Taking a loan from your 401k account is very counterproductive. While not growing your retirement savings at all, you are also depleting it. You also have to pay the loan you take back in monthly payments for five years. Not paying back the loan you take from your 401k can cause penalties and can make the amount of loan become taxable income. Unless you are taking the loan to purchase your first home, you may want to think twice about borrowing from your 401k. Saving money for retirement is a basic concept of financial planning, and it has become even more important in recent years. 401k accounts have become the sole means for funding retirement because of the disappearance of pensions. Social security can’t be counted on to fund your retirement either. The importance of saving money cannot be stressed enough, and Tom and Brendan will explain why it is so significant in this video.

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Filed Under: Videos, Retirement Planning Tagged With: Financial Planner

About Thomas Mullooly

Thomas Mullooly is owner and founder of Mullooly Asset Management, Inc. In 2002 Tom opened Mullooly Asset Management, a fee-only investment advisory firm. As an investment advisor, and not a broker, Tom works strictly for his clients. With the help of point and figure charting, Tom builds a realistic game plan for clients.

1971 State Route 34, Suite 102
Wall Township, NJ 07719

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The information on this website and blog do not involve the rendering of personalized investment advice. A professional advisor should be consulted before implementing any of the options presented. None of the content contained in this website should be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation.

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