{ "media_type": "text", "post_content": "If you take loan from 401k, do we have to pay the entire amount before switching to other company?", "post_id": "5dee494f523dde001a3011df", "reply_count": 5, "vote_count": 0, "bowl_id": "59064a3cb12379001006592c", "bowl_name": "Personal Investment Chatter" }

If you take loan from 401k, do we have to pay the entire amount before switching to other company?

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Yes. Usually that is required in the loan terms. Also, as I like to share my own journey there, calculate your cost of taking the loan. It seems nice and simple, but given at least my 401k grows above 10% and most mortgages are below 4%, that’s a pretty bad loan to take out. It also reduces the collateral value of your 401k.

likehelpful

If you don’t pay it all back, it counts as a withdrawal with all the tax and penalty implications associated with that. Sometimes, you might be able to roll it over but only if the new and old plans are from the same provider and they allow that but you should assume you’ll have to pay it back within 30 days. 401k loans can make sense in some cases, but they can also cost you so definitely model your options here.

helpful

Don't you also have to pay back the money with after tax dollars? Which of you are in high income tax bracket is terrible.

M2, yes. It’s post tax dollars to pay it back.

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