Can You Take A Loan From A Retirement Plan?

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   David RacichPRO

   Fountain Hills, Arizona

   Qualified retirement plans have loan interest charges and loan procedures that allow plan participants to borrow from their accumulated values. Keep in mind that if you terminate from the plan or transfer to another qualified plan all loans and interest are due. If you terminate from the plan the loans will be re-characterized as ordinary income and are taxable in the year of termination. Terminating before age 59 ½ will also trigger a 10% penalty.
    

   Answered on June 11, 2013

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