Can I Take A Loan From My Retirement Plan?

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    David RacichPRO
    Fountain Hills, Arizona
    It depends on the type of plan and whether it’s qualified or non-qualified plan. Most qualified plans have plan provisions for participants to borrow money at a stated interest rate. Once you borrow, most plans will require you to pay off the loan before any transfers to another qualified plan. Non-qualified retirement plans that use cash value life insurance can access accumulations at a low interest rate. Keep in mind that if the policy is surrendered or lapses, the loans in excess of the original basis will be taxable. At ordinary income tax rates.

     
    Answered on June 7, 2013
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