IRA/401k
DirectedIRA
Most people are not aware that they can self-direct their retirement accounts. DirectedIRA.com can help you get your account set up, funds moved over, and then allow you to have “checkbook control” of your IRA to invest. Like all retirement accounts there are rules and restrictions. Directed IRA can answer all of your questions about how to access the money correctly and without penalty. This is the perfect opportunity to “invest in what you know best”.
Employer 401k Loans
Check with your employer HR department to see if you qualify for a loan against your current 401k plan and the applicable repayment terms. Rates are generally under 5% and loan repayment is via payroll deduction. You can potentially access these funds for things like education, purchasing a second home, medical emergencies or other financial hardship. Since this is a loan versus a funds distribution or early withdrawal, there should be no tax penalties or other income tax considerations.
DISCLAIMER: We are not financial advisors. You should use your funds wisely and consult with your attorney, accountant, CPA or trusted financial advisor on every decision you make. Please take personal responsibility for your actions.