can i borrow from my 401k
You can usually borrow up to half of your vested balance or $50,000, whichever is less. In many respects, a 401k loan behaves like any other; you pay a fixed amount each month -- taken out of your paycheck -- until the loan is paid off, with a fixed interest rate, usually prime plus 1 percent.here's a good reason taking money out of a 401k is tricky: that money is meant for retirement. The tax breaks workers get for contributing to a 401k are to encourage them to save for their golden years.