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I'll never forget the 401(k) enrollment meetings at work where employees seemed to have intelligent questions for the human resource functionary, but I didn't even know enough to ask questions. It sounds like a great idea to be able to borrow from your 401(k) account, but should you really? What about allocating your contributions and the company's contributions among a selection of mutual funds? The sad truth about company "designated contribution" plans is the onus is on you, the non-expert, to set the risk and return factors. The 401(k) Book by Richard Sasanow provides solid advice. My only criticism: I couldn't find anything in here about how to tell if your employer is doing right by your 401(k) funds. As with any investment, read your statements and monitor the accounting carefully.
Michael Pellecchia writes about business and finance books each month. He can be reached at michael_pellecchia@bookpage.com.
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