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Retirement Saving for retirement - questions about pensions and pension schemes, 401k's, public and private company pensions, and other saving schemes.

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Old 02-05-2008, 04:20 PM
mobo mobo is offline
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Join Date: Feb 2008
Location: Wisconsin USA
Posts: 1
Default Cash out
I am 60YO married and debt is piling up. My wife cannot work due to a car accident and my salary went from $150,000 to $50,000 in the last 2 years.
I've been in the company 401K for 20 years and only have $53K, although I borrowed $20 2 years ago for med bills and have 3 years left to pay off. When I cash out will the loan continue or?
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Old 02-06-2008, 05:58 AM
Dru Dru is offline
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Join Date: Mar 2007
Location: USA
Posts: 321
Default Re: Cash out
This is a loan against your asset, not your signature. If you empty the 401K, they will not carry an unsecured loan, it will be deducted from the proceeds of the cash out and the 401 will be closed..
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