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Politics : The Trump Presidency
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To: neolib who wrote (69547)5/3/2018 10:43:45 AM
From: TimF  Read Replies (1) of 353731
 
Borrowing from my 401K didn't create any new wealth for me. But it did greatly increase the portion of my wealth that I could use immediately. I needed to fix up my house. I can't spend money to do that directly from the 401K. Not because its another account but because the government has rules for that account that forbid it. But they do allow loans from the 401K. If you could spend directly from your 401K than there would be no need for other loans. The loan is just a way to get different treatment of the money by the government and to avoid paying taxes and penalties on any money spent.
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