4. Am I willing to absorb the opportunity costs? Taking money out of your retirement account means you'll miss out on the opportunity for that money to grow. "You're suffering a loss of earnings whenever you take money out of an investment account," says Adams. "When you look at the long-term consequence of taking that money out, it can be a bigger dent in your retirement savings than you would think." Plus, Adams adds, "If you're not contributing to your 401(k), you're not getting matching funds from your employer." Use a 401(k) loan calculator to get a ballpark figure on how much borrowing from your 401(k) could impact your retirement account.