Report: Contribution rate tends to be lower for 401(k)-loan recipients

08/1/2013 | Financial Advisor online

Investors who take loans from a 401(k) plan have a contribution rate averaging 5.63%, while those who don't take such loans have a 7.23% average rate, a report from New York Life Retirement Plan Services says. "Americans are not saving enough for retirement, and compounding this problem is the fact that loans can drain precious retirement dollars," said Rachel Rice of New York Life.

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