Record 401(k) Balances, But Loans on the Rise | Durham News

Record 401(k) balances hit $155,800 with over 769,000 people crossing the million-dollar mark—yet 19.5% are now tapping into those funds via loans, up from 19.2% last quarter. IRA averages also soar to $144,500, while contribution rates hold steady at 14.4% (9.6% from workers, 4.8% from employers). But beware: if you leave your job with an outstanding 401(k) loan, it could become taxable income unless rolled over by the next tax deadline. High savings, but don’t borrow from your future self without thinking twice.

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Sources:
https://www.heraldsun.com/news/business/article317265087.html#storylink=partnerdigest_the

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