Search found 4 matches

by DaniaBeachGuy
Wed May 15, 2019 10:42 am
Forum: Personal Investments
Topic: Using 401k Loans to increase contribution
Replies: 17
Views: 1217

Re: Using 401k Loans to increase contribution

ah, ok, thank you. thought the "interest" portion of that was a fixed value.
by DaniaBeachGuy
Wed May 15, 2019 10:16 am
Forum: Personal Investments
Topic: Using 401k Loans to increase contribution
Replies: 17
Views: 1217

Re: Using 401k Loans to increase contribution

Let me clarify what I meant... 1. take out a $50,000 loan from 401; claim term of 60 months 2. @ 6.5% "interest" (which you pay to yourself); total interest charge is $8,626.06 3. funds dispersed 4. first deduction from paycheck = 450.98 5. as per Fidelity, "Note that you cannot make a prepayment un...
by DaniaBeachGuy
Wed May 15, 2019 8:00 am
Forum: Personal Investments
Topic: Using 401k Loans to increase contribution
Replies: 17
Views: 1217

Using 401k Loans to increase contribution

New user here. Very much looking forward to learning & contributing. A quick question: what's the general feeling about using 401k loans as a means to increase one's yearly contribution into their 401k. I'm maxing out my annual contributions, but have ability to contribute slightly more. The thought...