Reply to Borrowing from retirement accounts for down payment

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]If you have room in your budget for repayment, you would have room in your budget to save. Clearly you don’t, because you don’t have the savings.[/quote]

This makes no sense.[/quote]

It makes perfect sense. How do they plan to repay? Whatever money will be going toward that should be funneled into saving for the larger down payment. It doesn’t sound like there are time constraints.[/quote]

No it makes zero sense.  They’re saving money in the 401k.  It sounds like your suggestion is they stop saving in the 401k and save in their regular account until they get $50k.  Nothing wrong with thanking the loan OP.  Not everyone has tens of hours ands of dollars sitting around.  [/quote]

So you are advising them to take $50k out of the 401k, then stop making 401k contributions for the 3-5 years it takes to repay the 401k loan?[/quote]

No, I’m saying that the 401k is savings and there is nothing wrong with borrowing from it.  I save more in the 401k instead of a regular account because I can take a loan if I need to.[/quote]

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