But if you can't repay the loan for any reason, it's considered defaulted, and you'll owe both taxes and a 10% penalty on the outstanding balance of the loan if you're under 59½. You'll also lose out on investing the money you borrow in a tax-advantaged account, so you'd ...
Personal loan terms could be easier for you to repay without having to jeopardize your retirement funds. Depending on your lender, you can get your money within a day or so, while 401(k) loans might not be as immediate. Try a HELOC. A home equity line of credit, or HELOC, is a goo...
as well as IRAs, without being penalized. Typically, if you take a distribution before you turn 59½, you are hit with a 10% penalty. Under the new legislation, you'll still owe income tax on the money, but it can be spread over three years. If you...
a pawn shop will give you money much faster than you can sell a house. However, the liquidity question is, “How much value does it retain if I have to sell it quickly?” The immediate value of those gold coins that William Devane sold you is the market price of their weight. That...
but they’re even less fun when you owe more than you should. And the first step to keeping more in your pocket is starting to plan for next year’s taxes today. For some, tax prep might be as simple as putting aside a little money each month into your 401k. But if you’re anyth...
“Surely, you can beat the growth of delaying benefits!!!”– I would protest, as my broker dealer’s compliance person starred at me sternly willing me to drop the issue. The more analytical will point out that the math suggests you will receive more money from social security by waiting...