Where to turn before raiding your 401(k)

When you are in a tight spot for money and you have a sizable balance in your retirement account that won’t be needed for years to come, it can be tempting to go ahead and tap into it. You can just restock it later, right? The problem: this does not always end up happening. Plus, you will lose out on the compound interest that would have accrued, which can materially affect your available savings come retirement.

Last year, a “record 6% of workers in 401(k) plans administered by Vanguard...