401K Withdrawl

[Jkloc420]

Bit he only has 60 days to pay the loan back after he retires.

why would he only have 60 days, where are you getting that, prudential does 5 years

 

[UpstateNYUPSer(Ret)]

Stay away from annuities!!!

 

[UpstateNYUPSer(Ret)]

why would he only have 60 days, where are you getting that, prudential does 5 years

When you separate from your employer you used to have only 60-90 days to repay any active loans; with the new tax cuts, you have until April 15th of the year following your separation to repay the loan in full.

 

[IVE GOTTA PACKAGE 4U]

why would he only have 60 days, where are you getting that, prudential does 5 years

Once you retire, which Scratch is planning on doing. You have 60 days to pay back the loan or it all becomes taxable income.

 

[UpstateNYUPSer(Ret)]

Once you retire, which Scratch is planning on doing. You have 60 days to pay back the loan or it all becomes taxable income.

This used to be the rule-----you now have until April 15th of the year following separation from your employer to repay the loan in full.

 

[Jkloc420]

When you separate from your employer you used to have only 60-90 days to repay any active loans; with the new tax cuts, you have until April 15th of the year following your separation to repay the loan in full.

i dont know, maybe

 

[IVE GOTTA PACKAGE 4U]

This used to be the rule-----you now have until April 15th of the year following separation from your employer to repay the loan in full.

He needs real advise from a financial advisor not from Brown Cafe

 

[UpstateNYUPSer(Ret)]

i dont know, maybe

Do some research.

 

[Jkloc420]

Do some research.

i did not say i did not agree with you

 

[Jkloc420]

He needs real advise from a financial advisor not from Brown Cafe

i agree

 

[UpstateNYUPSer(Ret)]

He needs real advise from a financial advisor not from Brown Cafe

All he has to do is call the 401k toll free number, explain his situation and ask them for their advice on how best to handle this.

I think his next phone call should be to the builder to see if he can finance the down payment with them.

 

[Jkloc420]

If the democrats win the presidency the market's will tank though

 

[scratch]

Have you asked the builder if he/she would be willing to finance the $15K?

Nope, it didn't cross my mind at the time. I have 5K in my checking account now. I'm a tightwad with my money and I am just asking about what my options are.

 

[UpstateNYUPSer(Ret)]

Nope, it didn't cross my mind at the time. I have 5K in my checking account now. I'm a tightwad with my money and I am just asking about what my options are.

That would be my first phone call.

 

[IVE GOTTA PACKAGE 4U]

All he has to do is call the 401k toll free number, explain his situation and ask them for their advice on how best to handle this.

I think his next phone call should be to the builder to see if he can finance the down payment with them.

But Prudential isn't a tax advisor.

 

[UpstateNYUPSer(Ret)]

But Prudential isn't a tax advisor.

No .

 

[IVE GOTTA PACKAGE 4U]

No .

Well them they can't give him the best advice on this matter.

Dear lord why are you so crabby?
You are making me second guess retirement m

 

[rod]

I do have a couple of banker friends so I guess I need to contact them. It seems stupid to loan myself money and have to pay it back at what I assume would be a high interest rate. I just need to come up with $15K to start construction. I plan on paying for half of it when I sell my current home.

If you are having a hard time coming up with 15k maybe you should reconsider retiring.

 

[cosmo1]

Dear lord why are you so crabby?

Pot, meet kettle.

 

[oldngray]

If you are having a hard time coming up with 15k maybe you should reconsider retiring.

It sounds like its more he is short of liquid assets. Not that he doesn't have money.