Can I borrow money from a 401k without telling my spouse?

Answer On One Hand: 401k Plans Are for IndividualsA 401k plan is titled in the name of one investor only. As such, only the named investor has the right to take loans or withdrawals or otherwise direct th... Read More »

Top Q&A For: Can I borrow money from a 401k without telling ...

Can you borrow money from a 401k to buy a house?

On One Hand: IRS Permits LoansThe Internal Revenue Service permits 401k plan loans of up to $50,000 or half the value of your 401k plan, whichever is smaller. The money must be repaid with interest... Read More »

Should I borrow money from my 401k?

On One Hand: Don't Tap Your Nest EggYour 401k plan represents your retirement savings. If you take a loan, you hamper your ability to continue to contribute money to your 401k plan. If you fail to ... Read More »

Is it smart to borrow money against a 401k?

On One Hand: Decreased Retirement SavingsWhen you borrow from your 401k, you reduce your potential retirement savings since you can no longer earn interest on the borrowed money. You lose the tax b... Read More »

Can you borrow money from your IRA without penalty?

On One Hand: No IRA LoansThe Internal Revenue Service prohibits people from borrowing money from their IRAs or using the IRA to back a loan. If the IRS determines that you are using your IRA as col... Read More »