Does BDO lets you borrow out of your 401K? If yes, what’s the max amount? Also, how long do you have to be employed before you can borrow? Thanks

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Maximum Loan Amount: The maximum amount a participant can borrow is the lesser of $50,000 or 50% of their vested account balance.

Do you have to work for certain time before you can take the loan? I will be joining as experienced hire so wondering if I should take the loan before I move to BDO or after?

Log into the plan and go to the loan section. You can analyze how much loan you can take; interest%; repayment period etc.

I can take the loan from current employer and keep paying after I leave but I will need to keep all of 401K balance in old plan. With all the independence rules, it will be easier to keep all the funds with new employer so wanted to check if I have to be employed for certain amount of time to take loan from 401K after I start at BDO.

Your 401k isn’t a piggy bank cuh

You’ll be missing out on >7% gains in the market, we are in a bull market blud

Wonder if I am the only person that ever borrowed the max $50k from 401k and paid it off over the maximum 5 year period allowed while still with firm….

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