401K Loan Napoleon OH

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Mr. Bradley E. Meister, CFP®
(419) 592-5059
115 W Washington St
Napoleon, OH
Firm
Meister & Associates
Areas of Specialization
Comprehensive Financial Planning
Key Considerations
Average Net Worth: $250,001 - $500,000

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

Profession: Not Applicable

Data Provided By:
Lucas Hail
Foster & Motley, Inc.
(513) 561-6640 Ext: 14
7755 Montgomery Road, Suite 100
Cincinnati, OH
Expertises
Ongoing Investment Management, Estate & Generational Planning Issues, Retirement Planning & Distribution Rules, Advising Medical Professionals, High Net Worth Client Needs, Planning Concerns for Corporate Executives
Certifications
NAPFA Registered Financial Advisor, CFP®, MBA

William Leuby
Hamilton Capital Management, Inc.
(614) 273-1000
5025 Arlington Centre Boulevard Suite 300
Columbus, OH
Expertises
Estate & Generational Planning Issues, Planning Issues for Unmarried & Same-Sex Couples, Planning Issues for Business Owners, Advising Medical Professionals
Certifications
NAPFA Registered Financial Advisor, CFP®, CPA, JD

Robert Riccardi
Ritter Daniher Financial Advisory, LLC
(513) 233-0715
7529-A State Road
Cincinnati, OH
Expertises
High Net Worth Client Needs, Helping Clients Identify & Achieve Goals, Women's Financial Planning Issues, Estate & Generational Planning Issues, Ongoing Investment Management, Divorce Planning
Certifications
NAPFA Registered Financial Advisor, CFP®

John Lame
Lenox Wealth Management
(513) 618-7080
8044 Montgomery Road, Suite 480
Cincinnati, OH
Expertises
Ongoing Investment Management, Planning Issues for Business Owners, Cash Flow/Budgets/Credit Issues, Tax Planning, Charitable Giving - Trusts & Foundations, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®

Mr. Kenneth E. Boroff, CFP®
(419) 782-1030
2000 N Clinton St
Defiance, OH
Firm
Steyer & Co
Areas of Specialization
Accounting, Asset Allocation, Business Succession Planning, Comprehensive Financial Planning, Estate Planning, Tax Planning, Tax Preparation

Data Provided By:
Donald Purtill
Purtill Financial LLC
(440) 484-5340
38 Alpha Park
Highland Heights, OH
Expertises
Ongoing Investment Management, Retirement Plan Investment Advice, High Net Worth Client Needs, Tax Planning, Retirement Planning & Distribution Rules, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, CPA/PFS, MBA

John Discepoli
Discepoli Financial Planning, LLC
(513) 771-7526
18 Village Square
Glendale, OH
Expertises
Middle Income Client Needs, Tax Planning, Helping Clients Identify & Achieve Goals, Cash Flow/Budgets/Credit Issues, Newlyweds & Novice Investors, Investment Advice without Ongoing Management
Certifications
NAPFA Registered Financial Advisor, CPA/PFS

Roger Southward
Southward Financial Services LLC
(614) 864-0759
9165 Winston Road
Pickerington, OH
Expertises
Helping Clients Identify & Achieve Goals, Middle Income Client Needs, Ongoing Investment Management, Hourly Financial Planning Services, Retirement Planning & Distribution Rules, College/Education Planning
Certifications
NAPFA Registered Financial Advisor, BA, CFP®, MPA

Scott Snow
Scott Snow Financial Advisors, LLC
(440) 871-7669
24601 Center Ridge Road, Suite 175
Westlake, OH
Expertises
Ongoing Investment Management, Planning Concerns for Corporate Executives, Planning Issues for Business Owners, Helping Clients Identify & Achieve Goals, Retirement Planning & Distribution Rules
Certifications
NAPFA Registered Financial Advisor, CFP®, CIMA, CPA

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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.

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