YOu can either take money out of your 401k or borrow against it for a downpayment on a house, ita.
Whether or not you can borrow against a 401k plan depends on the rules of the particular 401k plan. Or at least that's the way it is here.
I got stupid. The money was too good.
Jayne ,'Objects In Space'
Natter 36: But We Digress...
Off-topic discussion. Wanna talk about corsets, duct tape, or physics? This is the place. Detailed discussion of any current-season TV must be whitefonted.
tommyrot - Jun 20, 2005 8:59:39 am PDT #3110 of 10001
Sir, it's not an offence to let your cat eat your bacon. Okay? And we don't arrest cats, I'm very sorry.
Nutty - Jun 20, 2005 8:59:51 am PDT #3111 of 10001
"Mister Spock is on his fanny, sir. Reports heavy damage."
DX has described this process to me -- borrowing from your own 401K. And because you're paying yourself back with interest, you're only benefitting yourself. Of course, it may take a while to get your 401K high enough to make it worthwhile borrowing from it.
bon bon - Jun 20, 2005 9:01:11 am PDT #3112 of 10001
It's five thousand for kissing, ten thousand for snuggling... End of list.
I guess I need to admit that there's no point saving for a house right now. But what about when the bubble bursts? I could have a downpayment ...
Yes. If you can stand to live in it while waiting for the market to go back up, now is a good time to start saving for the bubble burst. This is my plan, anyway.
tommyrot - Jun 20, 2005 9:01:22 am PDT #3113 of 10001
Sir, it's not an offence to let your cat eat your bacon. Okay? And we don't arrest cats, I'm very sorry.
The zombifying agent is space bacteria, which thrive in the low-grav, no-air lunar environment. First space casualty, and bam!
That's what I was thinking. See, we don't know if someone dying on the moon will turn into a zombie. So before we do anything else, we really should send someone to the moon and kill them.
Maybe Carrot Top?
§ ita § - Jun 20, 2005 9:02:42 am PDT #3114 of 10001
Well not canonically, no, but this is transformative fiction.
it may take a while to get your 401K high enough to make it worthwhile borrowing from it.
It may also take a while for housing here to be remotely affordable, so that's not a big issue for me in West LA.
I need to check our rules.
This is my plan, anyway.
Are you saving post tax, or pre?
Maybe Carrot Top?
::resists the smart-assed remark, but almost kills self doing so::
tommyrot - Jun 20, 2005 9:03:45 am PDT #3115 of 10001
Sir, it's not an offence to let your cat eat your bacon. Okay? And we don't arrest cats, I'm very sorry.
::resists the smart-assed remark, but almost kills self doing so::
What, is he already a zombie?
§ ita § - Jun 20, 2005 9:04:45 am PDT #3116 of 10001
Well not canonically, no, but this is transformative fiction.
What, is he already a zombie?
No, I was just resisting (and this counts, because I haven't used her name and his in the same post) wondering if we had someone who'd been closely linked to the Top right here.
bon bon - Jun 20, 2005 9:08:41 am PDT #3117 of 10001
It's five thousand for kissing, ten thousand for snuggling... End of list.
Are you saving post tax, or pre?
Post. I would be wary about what happens to a loan againt your 401k if you leave your job.
Also, I can read, and I am so going to kill you. I am not linked to any fucking celebrities!
DXMachina - Jun 20, 2005 9:08:47 am PDT #3118 of 10001
You always do this. We get tipsy, and you take advantage of my love of the scientific method.
DX has described this process to me -- borrowing from your own 401K. And because you're paying yourself back with interest, you're only benefitting yourself.
Yup. I did this to borrow the down payment for my house, and when that was paid off, I took out a new loan to pay off the cradit card bills I ran up once I bought the money pit, since I was already acclimateded to having the payments deducted from my paycheck. Far better to be paying the interest to yourself than to a bank.
The rules on our 401K don't specify what the loan has to be for.
§ ita § - Jun 20, 2005 9:11:05 am PDT #3119 of 10001
Well not canonically, no, but this is transformative fiction.
I would be wary about what happens to a loan againt your 401k if you leave your job.
I hate money. I really do.
I can read, and I am so going to kill you. I am not linked to any fucking celebrities!
Pshaw. You're just projecting. I'm totally not talking about you.