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Sunday, November 10, 2024

Methods to Borrow Cash From Your 401(okay)? What You Ought to Know

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¹ Data from Empower’s “Mortgage administration” as of February 1, 2024: https://www.empower.com/psc/plan-resources/assets/docs/Mortgage-Administration.pdf

² Data from IRS’ “Retirement subjects loans” as of February 1, 2024: https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-loans

³ Data from TIAA’s “Mortgage FAQs” as of February 1, 2024: https://www.tiaa.org/public/help/faqs/loans

⁴ Data from IRS’ “Contemplating a mortgage out of your 401(okay) plan?” as of February 1, 2024: https://www.irs.gov/retirement-plans/considering-a-loan-from-your-401k-plan

⁵ Data from Vanguard’s “IRA withdrawals and RMDs” as of February 2, 2024: https://investor.vanguard.com/investor-resources-education/iras/ira-withdrawal-rules#

⁶ Data from IRS’ “Retirement plan faqs relating to loans” as of February 2, 2024: https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-loans

⁷ Data from IRS’s “Hardships, early withdrawals and loans” as of February 2, 2024: https://www.irs.gov/retirement-plans/hardships-early-withdrawals-and-loans

* Early entry to direct deposit funds relies on the timing of the submission of the cost file from the payer. We typically make these funds accessible on the day the cost file is obtained, which can be as much as 2 days sooner than the scheduled cost date.

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