The Motley Fool Discussion Boards

Previous Page

Investing/Strategies / Retirement Investing


Subject:  Re: 401(k) loan Date:  3/29/2013  6:13 PM
Author:  culcha Number:  71558 of 88520

Hopefully you won't discover the REALLY bad thing about 401k loans. If you leave your job -- quit or get laid off -- you generally have 30 days to pay off the entire loan balance, or it will be considered an early withdrawal and you'll get hit with income tax and hefty penalty.

Oh, I'm aware of that problem ... But as a tenured university professor (in his senior years), I won't be affected by it.

Saving for retirement though -- which is not that far off -- will be completely messed up :(

Copyright 1996-2018 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us