I know that borrowing from your 401k is a controversial topic. I maintain it can be a useful tool in certain circumstances and don't want to argue that point.So I looked into borrowing from my account with Empower Retirement and saw they have a $75 origination fee and a $12.50 per quarter maintenance fee.This seems outrageous to me. Is this normal? We've borrowed against my wife's 401k in the past and I don't remember any fees to do so.Please educate me.
If it's normal or not is pointless, these are the terms given to you. I wouldn't take them.Now, why not just get a normal loan?
Strongly considering taking out a 401(k) loan to superfund a 529. Pay myself the interest back. Get the tax-deferred appreciation into the 529.
Quote from: Tabaxus on January 25, 2018, 09:21:22 AMStrongly considering taking out a 401(k) loan to superfund a 529. Pay myself the interest back. Get the tax-deferred appreciation into the 529. You pay the interest back to yourself, but you miss out on the (potential) gains. So run the numbers carefully.