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How 401(k) Loans Work: What to Expect

Justin Pritchard, CFP® on Retirement Planning 82 views

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What happens if you borrow 50k at an all-time high and while you are repaying the market takes a dump Do you get more shares?
Comment from : @Lifesituations8000

I wish if he explained if its a good or bad idea to lower or stop your contribution during the 5 year payout period ? company does 1-1 match up to 6 i was doing 6 and thinking to lower it to 1 since I'm making interest payments according to AI is a bad idea any ideas
Comment from : @3dmagictricks

Very helpful thank you!
Comment from : @natali_espino

What deemed loan mean
Comment from : @StephenScott-bq2rk

This video provides a helpful overview, but remember to carefully weigh the pros and cons and consider all your options before taking out a 401(k) loan It's crucial to understand the potential tax implications and impact on your retirement savings
Comment from : @AmberShaw-z1q

Interesting
Comment from : @StephanieChakraborty

Thank you so much
Comment from : @TamaraGuillen-d5m

InterestingbrSo, being retired with a 401k I can't use it as a loan I have to still be employed
Comment from : @DevilTravels

I have taken 4/5 loans on my 401k since starting with my company 8 years ago Got me through multiple hard times Worked out for me “mostly” as far as market fluctuations go Everytime I pay one off though my retirement just looks better I’ve had up to 3 loans active at one time on my 401k and am down to just one now When I pay this one off I’m gonna take one last large loan to pay the remainder on my truck I’ll be able to bring my payments down from low 400s to less than 100 And I just don’t care about the interest any more I’m gonna need all I can get at retirement and don’t commit half as much as some people I know, so this is my way of setting my self up later, while funding what I’m doing currently, and also a way to fight the interest rates
Comment from : @mototraitor

If there’s all these restrictions and what not, it probably makes more sense to get a self directed 401k if you know what you are doing… at least for contributions beyond what employer will match Yes?
Comment from : @funnyperson4016

Thank you
Comment from : @malibu405

Thanks for explaining 401k loans I had no idea I could borrow from my own retirement fund
Comment from : @Christopher-j3u4h

Hello - can you please go over the exemption for people who have vested balances under $10,000? It appears that people can take out more than 50 of the vested balance if the vested is under $10k but I want to make sure Thanks in advance
Comment from : @CJ3WT

How do i get a loan from my 401k?
Comment from : @DavidDuran-e5d

So if i have 900,000 in my 401 and I take out a 30,000 loan I still have 870,000 working towards my retirement I just may do this I would like to use my money a little before I die
Comment from : @rrover70

great and informative 👍🏽
Comment from : @gabrielmarrero1268

Solid video!
Comment from : @zoyaalam2151

When paying the loans, are we using the after tax money to contribute to a pre-tax 401k account? which means eventually the ' Earnings' will be taxed again?
Comment from : @v587sjh

Very nice info thanks
Comment from : @guidoviana7985

You can get a check in like 2 days super easy
Comment from : @Sky1

I just went straight to my 401k and borrowed- I didn’t go through my employee- first time I ever done this after 25 years with the company - so I have no idea what to expect
Comment from : @tinam6357

I got 5800 only want to take 400
Comment from : @ianhargrove6079

Doesn't sound like it's worth it
Comment from : @TheAudioCzar

There's no option to keep paying if i change jobs
Comment from : @Freddyisme89

Can I borrow from my 401k to repay a 401k loan? Let’s say I have a 401k that has over 100k in it and I want to borrow 50k Let’s say I do borrow 50k from the 401k and I have 5 years to repay it but in year 4 I have only repaid 30k Can I take out a 20k loan from the 401k to pay off the 20k that I owe to the 401k
Comment from : @markjou9799

Sounds like a great time to take a 401k loan
Comment from : @caveman9897

So if your into year 1 of your repayment and it’s tax season, would have to provide your loan information on your taxes?
Comment from : @kingstonmyherovang8959

Can I repay the loan quicker? Or do I need to pay it on the stablished repayment period?
Comment from : @elECpodcast

Times is tough I am here thanks for the info
Comment from : @markcusvongphachanh

Thank you! Explained so clearly!
Comment from : @glorias2930

I took a 10k loan, repayable over 5 years It felt like a punch to my gut I hated it, hated the garnishment, hated paying interest on it… It seemed like I was taken to the cleaners the whole time
Comment from : @albertastro3761