Can I Borrow From A Retirement Plan?

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    Steve Savant
    Syndicated Financial Columnist, Host of the weekly talk show Steve Savant's Money, the Name of the Game, Scottsdale Arizona
    Most qualified contribution plans allow some type of plan borrowing. You need to engage the plan administrator for it's loan provisions. Most of these plans charge interest and require a payback schedule. They generally don't allow transfer to another plan with outstanding loans. Keep in mind that most advisers don not like borrowing from retirement plans. It should be the last resource that you turn to for funds.
    Answered on August 28, 2013
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