How to get interest from 401K plan if under 59?

swansonplace · #1 Jun 8, 2006, 03:36 PM

Is anyone aware of a way to use the interest from a 401K plan for a person
not of retirement age?

I currently lost my job, and I was wondering if there is a way to directly get
access to the interest that the 401K plan is earning, or if it possible to
transfer the 401K money to another account which would give me access to
the interest that is being created.

I would prefer not to use the base amount if possible.

Another item I thought of was I could take a loan out on the 401K, but
put the money in some kind of interest bearing account that is greater than 6.5 percent, and from that take the remaining interest that is generated.

Any help would be great.

fredg · Jun 9, 2006, 04:02 AM

Hi,
Please call your Plan Administrator.
They can answer your questions, cause some plans are different from others.
You might can get a loan from your 401k, paying yourself off with interest, which all goes back into your account.
Best of luck.

swansonplace · Jun 9, 2006, 04:14 AM

Could you elaborate a little more on that ( on taking out a loan and
paying myself with the interest)

Thanks.

swansonplace · Jun 9, 2006, 04:15 AM

Could you elaborate a little more on that ( on taking out a loan and using the interest)



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