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05-03-2005, 01:35 PM
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#13 |
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Bono & Grbac wasn't enough
Join Date: Oct 2000
Location: Sioux City, IA
Casino cash: $9443829
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Does your plan offer loans out of the 401k? If they do, you pay it back at prime interest with no penalty. I have done both, both cashed in my 401k when I changed jobs and taken loans out. Most definitely you get bent over taking it out prior, but a loan is a good deal. You still shouldn't even take a loan out because you are technically losing money out of the account - but in dire need, it is a nice way to take out a loan and pay yourself back, with interest, to yourself.
Hope this helps Rick.
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