If you're looking to use your 401(k) to purchase a house without incurring a penalty, one option you have is to take advantage of a 401(k) loan. Many 401(k) plans allow you to borrow up to 50% of your vested account balance or a maximum of $50,000, whichever is less. The loan must be repaid within five years, with interest, and typically requires that you repay the loan through payroll deductions. Blog Link: ... ( read more )
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One of the most common questions people have when it comes to retirement planning is how to use 401k to buy a house without penalty. It is possible to do this, but it requires careful planning and understanding of the rules and regulations that govern the use of 401k funds. The first step is to understand the rules of your particular 401k plan. Each plan is different a
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