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Want to take a loan against my 401k?

May 30, 2015 by linda in  |  Flag
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Linda, The advice from Mr. Krance to make this your last resort is spot on. While using the loan feature of your 401(k) can occasionally (stress on "occasionally") be part of a sound planning strategy, more often than not it simply offers a temporary deferral to a structural imbalance. Before proceeding, please make certain your circumstances don't fall into the later category. Best Wishes

Comment   |  Flag   |  Jun 01, 2015

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Contact the human resources department of your employer. I recommend you be certain this is your last resort. Don't allow the current you to hurt the future you.

Comment   |  Flag   |  May 31, 2015 from Green Bay, WI

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Agreed gentlemen, I would also say to be aware that if you leave the job or were let go for any reason the loan becomes due immediately or is then considered a fully taxable distribution which may cause other tax issues. Just thing you need to be aware of.....best wishes.

Comment   |  Flag   |  Jun 01, 2015

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