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Financial Planning / Foolish 401(k)s
|Subject: Contemplating a move...||Date: 7/2/2012 9:58 AM|
|Author: kmart00||Number: 24902 of 25543|
So, I am considering (if all goes well with the interview!) a career move... My company is kind of strange in its organization... Essentially, we are multiple separate (distinct) companies, each with its own CEO, etc.. .Yet it is all part of the same 'organization'
Sorry to be vague, I just dont want to give too much away on a BB :)
At any rate,
I believe that the new company uses the same 401k setup that my current employer does. My question is this: if they tell me that I do (in fact) need to roll over my 401k, will I be eligible to take a loan against it once things have settled with the new company?
We are thinking about buying a place near the new company (this is a geographic move as well!)... Until we sell our current home, I was thinking about taking a loan out from my 401k to cover down payment, closing costs, etc.
I know that borrowing from the 401K is not exactly Foolish, but I still would like to know if there are any rules on borrowing from rolled-over funds?
Thanks in advance!
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