Can I Borrow From A Retirement Plan?

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August 28, 2013

Steve Savant

Most qualified contribution plans allow some type of plan borrowing. You need to engage the plan administrator for it’s loan provisions. Most of these plans charge interest and require a payback schedule. They generally don’t allow transfer to another plan with outstanding loans. Keep in mind that most advisers don not like borrowing from retirement plans. It should be the last resource that you turn to for funds.

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