401k Loans-the Advantages and Disadvantages
I don't think that there are many people who aren't financially struggling right now
. Lost jobs and rising costs for just about every product and service that we need have caused so many of us to feel helpless and hopeless. The economy has driven thousands of families from their homes and caused millions to change the way they live. If you are in a bind and need money to take care of important necessities, 401k loans could save the day for you.
Typically, you can borrow up to fifty percent of your vested balance from your 401k. Your vested balance is the amount of money that you have personally contributed to your 401k, not the money your company puts into the account for you. There are some restrictions with a 401k loan besides the fifty percent loan amount.
Keep a few things in mind when considering 401k loans. You can borrow from one thousand to fifty thousand dollars from your 401k but you've only got five years to repay the borrowed amount and the length depends on how much you've borrowed. You will pay this money back via payroll deductions every paycheck so make sure you know how much you'll pay back each time.
Be sure you can afford to live on the lowered amount of your upcoming paychecks until your loan is paid off. Depending on how much you borrow from your account, 401k loans payback schedule is up to five years. Budget wisely so you don't get in a bind again.
The interest you pay back on it is automatically rolled back into the account so it's actually a win-win situation. You won't have to deal with the hassles of standard loans through lending institutions like credit checks or your payments being posted to your credit rating. These days, most people relish this idea.
Many times if you're turning to your 401k for a loan, it's because you're unable to get a conventional loan elsewhere. Your loan is not going to be subjected to a credit check nor will it affect your credit in any way. One last thing to remember is that if your employment with your company is severed before you are finished paying off your loan, you'll have one of two choices. Either you'll be forced to pay the balance back in full immediately or you will have to pay on the loan as a taxable distribution.
If all of these terms work for you, 401k loans can be the answer to your current financial predicament. Make sure to read all of the fine print before taking the cash.
401k Loans-the Advantages and Disadvantages
By: Henry KH Fong
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