
The crushing weight of student loan debt is a reality for many, prompting exploration of unconventional repayment strategies. One such strategy, often debated, involves tapping into retirement savings – specifically, your 401(k) – to accelerate loan repayment. This guide delves into the complexities of this decision, weighing the potential short-term benefits against the long-term implications for your retirement security. We’ll examine the financial ramifications, explore alternative approaches, and guide you toward making an informed decision. Understanding the potential consequences is paramount. Early withdrawal from your 401(k) incurs significant tax penalties and dramatically reduces the compounding power of your investment over Read More …