401K Loan Brookings SD

Looking for information on 401K Loan in Brookings? We have compiled a list of businesses and services around Brookings that should help you with your search. We hope this page helps you find 401K Loan in Brookings.

Mr. Tracy R. Odegaard, CFP®
(605) 692-1814
419 8th Street South
Brookings, SD
Firm
TRO Investments Inc.

Data Provided By:
Mr. Erich L. Olson, CFP®
(605) 692-6643
307 6th St.
Brookings, SD
Firm
Thrivent Financial for Lutherans
Areas of Specialization
Insurance Planning, Investment Management, Retirement Planning
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $50,001 - $100,000

Profession: Not Applicable

Data Provided By:
Michael L Reimer, CFP®
(605) 234-0382
111 W. Lawler Ave.
Chamberlain, SD
Firm
Thrivent Financial for Lutherans

Data Provided By:
Adam N. Marcus, CFP®
625 Main St
Rapid City, SD
Firm
Wells Fargo Advisors
Areas of Specialization
Investment Management

Data Provided By:
Mr. Dana E. Randall, CFP®
(605) 225-3130
PO Box 12
Aberdeen, SD
Firm
Raymond James Financial Serv

Data Provided By:
Dr. Kathryn J. Morrison, CFP®
(605) 688-5196
Box 2275A
Brookings, SD
Firm
South Dakota State University

Data Provided By:
Richard Kahler
Kahler Financial Group
(605) 343-1400
1010 9th Street, Suite 1
Rapid City, SD
Expertises
Real Estate Investments, Ongoing Investment Management, Helping Clients Identify & Achieve Goals, High Net Worth Client Needs, Retirement Planning & Distribution Rules, Planning Issues for Business Owners
Certifications
NAPFA Registered Financial Advisor, CFP®, ChFc, MSFP

Ms. Rebecca A. Halma, CFP®
(605) 361-9998
5032 South Bur Oak Place
Sioux Falls, SD
Firm
Waddell & Reed
Areas of Specialization
Asset Allocation, Education Planning, General Financial Planning, Investment Management, Investment Planning, Long-Term Care, Retirement Income Management
Key Considerations
Average Net Worth: $500,001 - $1,000,000

Average Income: $100,001 - $250,000

Profession: Not Applicable

Data Provided By:
Mr. David D. Donat, CFP®
(605) 722-0010
741 5th St
Spearfish, SD
Firm
Financial Advisors of the Black Hills
Areas of Specialization
Investment Management
Key Considerations
Average Net Worth: Not Applicable

Average Income: Not Applicable

Profession: Not Applicable

Data Provided By:
Ms. Marla A. Starr, CFP®
(605) 352-0691
110 3rd St SW
Huron, SD
Firm
Ameriprise Financial

Data Provided By:
Data Provided By:

What Is A 401K Loan?

Answer:
As our 401K retirement accounts begin to build up value,

we may be tempted to want to gain access to the money. Generally speaking, this is a bad idea, because you are unplugging a good investment and only early the interest that you are paying yourself , but there may be times when this would be a decent idea.

Quite simply, a 401K loan is loan against the current balance in your retirement plan. Under current law, all plans must allow you to borrow money from them. However, this also makes it easy and tempting to not discipline yourself to stay out of the account. From a financial point of view, this is something to be avoided, but it is better than borrowing from a high interest credit card or a store front loan office.

Generally speaking, the younger a worker is, the more likely they are to borrow from it, because they see that they will not need the money for a long time. You can also choose which investments you want the loan from. The dangerous part of this loan is that if you are laid off or leave your job, the full amount is due, or it will be considered and early withdrawal and will be subject to penalties and taxes at your current rate.

...

Click here to read the rest of this article from QandAs.com