Detailed text transcripts for TV channel - CNN - 20100210:16:26:00
Out. if you take out a loan against your 401(k) and lose your job, you'll have to pay the entire loan back and you'll be on the hook for the 10% penalty if you're less than 59.5 years old. and don't leave your 401(k) behind if you change jobs. if you're laid off, leave the company for any reason, it makes sense to roll your money over to an ira. not only are you likely to have more options but you'll also have more control over your money. remember 401(k) loans are only available to folks who are actively employed. and if you've got a question about your finances, send me an e-mail to gerri@cn...
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