By: Peter C Krieger
Does anyone ever consider using a 401K loan to make an deductible (or non-deductible) IRA contribution? Here’s an example: You have a $10,000 balance in your 401K plan, and $6,000 balance in a...
View ArticleBy: ken levy
Whatever you do never ever borrow from your 401k plan at work. I did in 1997 to finance a move to Alaska. It was the worse mistake I ever made in my life. Today I am retired living on SS and a very...
View ArticleBy: Nick
I am thinking of barrowing from my 401K to pay off a credit card. Since the market is not gaining and I am actually losing money each quarter is this a good idea? The amount barrowed is around...
View ArticleBy: Pinyo Bhulipongsanon
In reply to Nick. @Nick – The answer depends on a few things: (1) and this is the most important one, if you do this, are you planning to change how you use your credit card, e.g., are you going to put...
View ArticleBy: Monjon
The double taxation is a total myth. Probably perpetrated by well-meaning TV and Radio financial ‘experts’. No matter where you borrow money from (tax-shelter, bank, Mom, brother, Credit Union… etc.)...
View ArticleBy: Brent Pittman
I cashed out my 401K more than 5 years ago in order to pay off grad school, buy a ring, and get married. That was before I learned about money. I now joke with my wife that her ring and honeymoon would...
View ArticleBy: Confused
I quit my job over a month ago and have a loan of about $1200 left to pay on. Of course I dont have the money to pay this loan off. I haven’t heard from the plan administrator about the balance due. I...
View ArticleBy: Pinyo Bhulipongsanon
In reply to <a href="https://www.moolanomy.com/619/should-i-borrow-from-my-401k-plan/#comment-89978">Confused</a>. @Confused - You will have to pay taxes and penalty on the $1,200 unless...
View ArticleBy: Maria Smith
The worst case scenario happened to a friend of mine – he took his 401K money – pretty much all of it and invested it in a business that was supposed to be a big money maker – but after they ordered...
View ArticleBy: J Smith
My Wife and I have bad credit, around 450-500 bad. So a loan from anyone is not really an option for us at this time(we’ve tried). My wife and I were unemployed and burned up everything except our...
View Article
