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Forbes: 10 Steps to Boost Your 401(k) Balance

Don't use your 401(k) for loans.

Most employers allow employees to take loans from their 401(k)s and lots of employees take them. The problem is that many end up not paying themselves back, basically robbing their retirement kitty. Another danger is if you switch jobs or are laid off, the loan is due immediately, and if you can’t pay it off, penalties as well as regular taxes apply.

(Photo by Thinkstock)

More from Forbes:
7 Fees You Should Always Negotiate
How To Start A Conversation About Estate Planning
10 Ways A Bad Credit Score Can Hurt You



The opinions expressed are solely those of the author and do not necessarily reflect the views of Comcast.

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