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UPS Retirement Topics
Can you loan your 401?
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<blockquote data-quote="UpstateNYUPSer(Ret)" data-source="post: 1491911" data-attributes="member: 12570"><p>...or simply go to <a href="http://www.retirement.prudential.com" target="_blank">www.retirement.prudential.com</a> and read the plan rules....</p><p></p><p>Loans are limited to education, down payment on a new home, foreclosure and medical emergencies. You need to download and complete a loan application and provide supporting documentation. You can repay in as little as 6 months or as long as 5 years. You can have no more than 2 loans at the same time. I took out a total of 8 loans to pay for my share of our children's college. Each of the loans was repaid within a year and all were paid off by the time they graduated. Keep in mind that your 401k balance is reduced by the amount of the loan(s) and you will lose any profits you may have made on that money during that time. You repay the loans with pre-tax money. One of the main selling points of a 401k is the compounding feature.</p><p></p><p>Your 401k is designed to be a long term investment, not a piggy bank.</p></blockquote><p></p>
[QUOTE="UpstateNYUPSer(Ret), post: 1491911, member: 12570"] ...or simply go to [url="http://www.retirement.prudential.com"]www.retirement.prudential.com[/url] and read the plan rules.... Loans are limited to education, down payment on a new home, foreclosure and medical emergencies. You need to download and complete a loan application and provide supporting documentation. You can repay in as little as 6 months or as long as 5 years. You can have no more than 2 loans at the same time. I took out a total of 8 loans to pay for my share of our children's college. Each of the loans was repaid within a year and all were paid off by the time they graduated. Keep in mind that your 401k balance is reduced by the amount of the loan(s) and you will lose any profits you may have made on that money during that time. You repay the loans with pre-tax money. One of the main selling points of a 401k is the compounding feature. Your 401k is designed to be a long term investment, not a piggy bank. [/QUOTE]
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