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re: Borrowing from your 401K
Posted on 7/10/13 at 4:41 pm to ZereauxSum
Posted on 7/10/13 at 4:41 pm to ZereauxSum
FWIW my plan treats 401k loans as a simple loan that uses your 401k as collateral. A loan does not reduce my balance or prohibit continued contributions. I simply pay the overall plan back at a very low interest. It provides a great avenue to consolidate higher interest debt or even finance certain items.
1
Posted on 7/10/13 at 5:12 pm to HurricaneDunc
This, I'm using a 401K loan to pay back student loan debt. I don't care what B-School you went to if you are paying yourself 4% that's a lot better than paying someone else 8%. The fact that your using post tax dollars is irrelevant. You'll be using post tax dollars either way. In my case it will save me $15K in total payments. There are certainly occasions where a 401K loan is acceptable under the assumption you can make the payments and don't default.
This post was edited on 7/10/13 at 5:15 pm
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