BigSal46
Dec 29, 2009, 10:03 PM
I am 63 years old. Retired 3 years ago. Collecting SS, Pension, Tax Free Pension, VA disability pension. I have a 401K plan with about 162,000 in it. I would like to borrow 10,000 to buy a used travel trailer which would qualify as a second home.
I receive $500.00 a month from the 401K plan.
1. Can I take $10,000 from the 401K without penality - other than income tax.
2. Can I take a loan from the 401K plan?
I believe the interest in a qualifying 2nd home would also be tax deductible.
3. Would it be better to borrow the 10K from a bank?
I receive $500.00 a month from the 401K plan.
1. Can I take $10,000 from the 401K without penality - other than income tax.
2. Can I take a loan from the 401K plan?
I believe the interest in a qualifying 2nd home would also be tax deductible.
3. Would it be better to borrow the 10K from a bank?