If you borrow from your 401(k) plan and don’t pay it back, you have a lot of company—and it’s going to cost you bigtime.
Lots of people borrow from their 401(k)s.
In fact, according to a study from the Pension Research Council at the Wharton School, University of Pennsylvania, 20 percent of people at any one time have loans outstanding from their 401(k) plans, while nearly 40 percent have borrowed at some time or other within the past five years.
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