Welcome! | Ask A Question

 
 
 
 
Question

Asked 11/19/2008

I am 60 and I want to pay off my mortgage with 401Kyes or no?

I am 60 years old, 401 K is demenishin rapidly. Should I pay off home loan befoe 401 is depleted.

 
 
 
 
 
Answers

Answer 1/2 - Submitted 12/19/2008

My 1st response is NO. But if you'll give me more info, I can give you a more specific answer.

 
 

Answer 2/2 - Submitted 2/7/2010

Problem is you want to have a pension so it is a good idea to keep your 401k plan rather than spend it. However if you cannot afford to pay your mortgage any other way then it is better to take a loan from your 401k plan rather than going into the red

 
 
 
 
Answer This Question Now

Type your Answer in the box below and post your answer.

Learn more about how this works

 
 
 

Related Questions (Ask a New Question)

 
Do all 401k plans keep defaulted loans on the employee's quarterly statements?

I have a defaulted 401k loan that still shows on all quarterly statements, is this standard practice for all 401k plans?

See Answers

 
401k plans

Employee 401(k) plans are ______ taxable fica, federal and state or state or fica, but not federal and state

See Answers

 
Is there a specific law that reqires company 401k plans in california to offer at least one safe investment choice?

Are company 401k plans required by law to offer at least one safe choice that will not loose money, such as cd's or savings accounts that are fdic?

See Answers

 
Related Questions

Do all 401k plans keep defaulted loans on the employee's quarterly statements?


I have a defaulted 401k loan that still shows on all quarterly statements, is this standard...

 

401k plans


Employee 401(k) plans are ______ taxable fica, federal and state or state or fica, but...

 

Is there a specific law that reqires company 401k plans in california to offer at least one safe investment choice?


Are company 401k plans required by law to offer at least one safe choice that will not loose...

 

I have 2 different 401k plans.


Plan 1:i took a $16000 loan on my previous employeers 401k plan. i will be penalized 10% +...

 
 

Can i deduct the amount that i had contributed to my employers 401k plan?


I have two jobs with 401k plans. can i deduct the amount of money that i have contributed...

 
 

See more 401k questions

 
 
 
 
 

Ask A Question

Ask a new question about
401k: