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)

 
Additional retirement programs

If i participate in a 401k program where i work, am i allowed to invest in other form of retirement funding.such as a retirement ira?

See Answers

 
Max deduction with retirement plans?

I'm the sole owner of my company. i need to set a retiement plan for retirement, but also for a tax write off. my understanding is i can deduct what i contribute or a portion of it. what is the max deduction i can take with a sep, profit sharing, 401k, etc?

See Answers

 
Ira contribution adjustments

I stated a job in july 2007 that has a 401k and retirement benefits. prior to that i had been making regular deposits in my ira account. i am 60 years old and have deposited $2,800 in my ira and $1,981 in the company ira (which is matched up to 50%). the retirement account at the company is currenly...

See Answers

 
Related Questions

Additional retirement programs


If i participate in a 401k program where i work, am i allowed to invest in other form of retirement...

 

Max deduction with retirement plans?


I'm the sole owner of my company. i need to set a retiement plan for retirement, but...

 

Ira contribution adjustments


I stated a job in july 2007 that has a 401k and retirement benefits. prior to that i had...

 

What exactly is safe harbor provision?


What is safe harbor provision for 401k pension plans

 

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...

 

Newsday access to


Need to access hewitt retirement for tribune

 
 

See more 401k questions

 
 
 
 
 

Ask A Question

Ask a new question about
401k: