401k/retirement advice

[sue8114]

We want to purchase a place in Maui to retire and we need to put 20% down.
My husband has a 401 but his work says he cant get with out quitting. For the loan purpose we could not quit our jobs...any ideas??

[IcanHelpU]

when does your spouse plan on retiring? You may have to wait. or you can try to get the owner to finance the loan under his credit for 2 years until you build up 20% of what is needed then transfer the loan into your name with the 20% down you were paying the owner financer as you deposit.

With owner financing a portion you give to the financer goes towards the loan when you take it over.

[linsys]

I would find out what company manages the 401K for the company, every company I've worked for I've been allowed to go onto their website and borrow against the 401k.

You don't want to take the money from the 401k by "quiting your job" since you are going to pay a huge penalty, by borrowing the money from your own 401k, the money you pay back and the interest you pay back is actually to YOUR SELF! No one makes money on the loan but you.

Remember however, that if you do leave the company before the money is payed back you need to pay the loan back in full or pay penalities on the money.