There is a lot of baggage borrowing from your 401k including that if you lose or change jobs the loan becomes due in full immediately. Personally, with interest rates as low as they are now I would do my best to avoid it unless it is absolutely the only way.
No. They can tax it if you withdraw from it, but borrow no.
Whether you can borrow from your 401k depends wholly upon the plan specifics. In other words, 401k Loans are generally allowed by the IRS, but are not always allowed by employers.
If u don not contribute to 410K plan..can i still borrow money from what the company puts i
No. You cannot borrow from an IRA period. (You may borrow from some 401k plans, w/o penalty).
No. You can sometimes borrow money from a 401k or other retirement plan, but not from a regular mutual fund account. To get money out of mutual funds, you do a redemption.
No. They can tax it if you withdraw from it, but borrow no.
Whether you can borrow from your 401k depends wholly upon the plan specifics. In other words, 401k Loans are generally allowed by the IRS, but are not always allowed by employers.
If u don not contribute to 410K plan..can i still borrow money from what the company puts i
No. You cannot borrow from an IRA period. (You may borrow from some 401k plans, w/o penalty).
Having a 401k with ING enables you to borrow money from ING using your 401k savings as collateral. You still recieve the other benefits of a 401k such as defered tax free savings.
It all depends on the terms of your 401k. Typically there is no fee to borrow from it if you put it back in the time that you agree to. If you do not put the money back in time, there will be major fee and you could even be tax 50% on what you didnt put it.
No. You can sometimes borrow money from a 401k or other retirement plan, but not from a regular mutual fund account. To get money out of mutual funds, you do a redemption.
There are many places one can read about 401K vesting. One can purchase or borrow a book about investing or vesting from places such as Amazon or the local library. Another place to read about it is the internet at sites such as Expert Plan or 401K Focus.
OK what is 40k - dfefine 401k
An Individual 401k is a powerful saving tool for your retirement. It has benefits such as salary deferral deductions, ability to borrow against the assets, and profit sharing contributions.
Precious...you saw my last answer I should think....better read it again.What he told you is correct...and your 401k is still there and safe from BK.....if he told you it was OK to borrow against it and that the borrowed money would be safe from BK just like the 401k is ...that would be wrong and you may want to take action against him.....If you thought touching the 401k (as in borrowing against it) was the same as keeping it protected and safe...it's just your fault for not understanding what your doing.
Yes, but it is one of the absolute stupidest things financially you can do. By the end of th BK you will lose the 401k money, which is only protected while it is IN the 401k, and be left with the debt to the plan, which won't be discharged and will seize the money in the plan to be paid.