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06.03.08, 19:32 PM General Topics
8 replies
Money's really tight right now. Should I borrow against my 401K? I've got about 104K in it. What kind of interest would the loan be? [ Reply | Watch | Flag ]
General Topics 06.03.08, 07:32 PM Flag
 

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dont dont dont do it. youre shooting yourself in the foot as far as retirement goes. should be an absolute last resort. [ Reply | More
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General Topics 06.03.08, 07:33 PM Flag
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almost always a bad idea. how tight is tight? what are your other options? [ Reply | More
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General Topics 06.03.08, 07:34 PM Flag
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don't do it!!! Is there anything you can cut from your weekly budget? Do you eat out too often? Buy too many clothes? [ Reply | More
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General Topics 06.03.08, 07:35 PM Flag
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you'll have to pay taxes on it AND a penalty. not sure about the interest, but it costs a lot to take out of 401k. What about cutting down your 401k contributions for a while if it put more cash in your paycheck (but check first because there is a breakeven point where you won't see a difference in your paycheck cause of the tax issues). [ Reply | More
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General Topics 06.03.08, 07:35 PM Flag
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Sounds very stressful. Is there any other option? [ Reply | More
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General Topics 06.03.08, 07:35 PM Flag
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np-she's borrowing against it. Which indicates that more will be taken out of her paycheck to return the funds. There aren't penalties in that. What you will have is less interest earned. It's better than borrowing from a bank, she's borrowing from herself. [ Reply | More
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General Topics 06.03.08, 07:37 PM Flag
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OP: i'm not employed anymore, actually. but still have the 401K haven't rolled it over yet, so can't use the option of having more taken out of paycheck to pay back loan. [ Reply | More
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General Topics 06.03.08, 07:42 PM Flag
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op: thanks for the advice. I figured it was a bad idea. might have to hit up the parents for a loan... [ Reply | More
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General Topics 06.03.08, 07:40 PM Flag
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