Home
Forums
New posts
Search forums
What's new
New posts
Latest activity
Members
Current visitors
Log in
Register
What's new
Search
Search
Search titles only
By:
New posts
Search forums
Menu
Log in
Register
Install the app
Install
Home
Forums
Brown Cafe UPS Forum
UPS Discussions
401k allows only hardship loans?
JavaScript is disabled. For a better experience, please enable JavaScript in your browser before proceeding.
You are using an out of date browser. It may not display this or other websites correctly.
You should upgrade or use an
alternative browser
.
Reply to thread
Message
<blockquote data-quote="Cezanne" data-source="post: 217976" data-attributes="member: 5104"><p>All information on hardship withdraws and loans are clearly listed on the teamster 401 site. Remember any hardship withdraw is subject to 20 percent tax penalty and I believe another 10 percent if you are under age 55. Basically you lose 30 percent of your holdings. </p><p> </p><p>Loans are at calculated at 9 percent interest rates. Bottom line is that you are paying that interest on your own money.</p><p> </p><p>The system is designed to keep the money in their trust. What is scary is that the rules could change quicker that the central states did, what happens if the feds decide to charge additional tax burdens or raise the age requirement to 65 instead of the current 59 1/2. </p><p> </p><p>Choose wisely<img src="/community/styles/default/xenforo/smilies/group1/cool.gif" class="smilie" loading="lazy" alt=":cool:" title="Cool :cool:" data-shortname=":cool:" /></p></blockquote><p></p>
[QUOTE="Cezanne, post: 217976, member: 5104"] All information on hardship withdraws and loans are clearly listed on the teamster 401 site. Remember any hardship withdraw is subject to 20 percent tax penalty and I believe another 10 percent if you are under age 55. Basically you lose 30 percent of your holdings. Loans are at calculated at 9 percent interest rates. Bottom line is that you are paying that interest on your own money. The system is designed to keep the money in their trust. What is scary is that the rules could change quicker that the central states did, what happens if the feds decide to charge additional tax burdens or raise the age requirement to 65 instead of the current 59 1/2. Choose wisely:cool: [/QUOTE]
Insert quotes…
Verification
Post reply
Home
Forums
Brown Cafe UPS Forum
UPS Discussions
401k allows only hardship loans?
Top