Get a loan so you can make the maximum 401k contribution.
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Borrow money for 401k contribution
401(k) Contribution Financing
Get a loan to make a contribution to your 401k retirement account in time for your tax filing deadline.
  • Reduce your tax burden by getting a deduction on this year's tax return.
  • Make investments sooner and take advantage of the effects of compound interest.
  • The maximum contribution you can make to a 401k for 2020 is $19,500 (plus $6,500 if age 50+). The max for an Individual 401k is $57,000.
When considering borrowing to make a 401k contribution, you should weigh the cost of interest from the loan against the benefits of making the contribution. 401K contribution benefits include a tax deduction (except for Roth contributions) and whatever rate of return your 401k averages.

For example, if you take out a loan with an interest rate of 6% and repay the loan within one year, your cost of interest will be 6% of the loan amount. If you're in a 25% tax bracket, your return will be 25% plus your 401k's average rate of return, less the 6% cost of the loan.

In most cases, the tax deduction alone justifies the cost of interest from the loan. If your employer makes matching contributions to your 401k, then you have even more reason to take advantage of 401k contribution financing.

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