Can You Borrow Against Your Retirement Plan In Florida?

  1. 2275 POINTS
    Bill Loughead
    President, SummitMedigap.com, CO, FL, GA, MI, NC, SC & TX
    It depends on how your retirement plans was set up in Florida.  We do many small business retirement plans in Florida and when the business sets up the 401k for example they can elect to allow employees to borrow from their own account or not.  However, some types of retirement plans do not allow you to borrow from them.  You should speak to the person who set up your retirement plan to determine what options you have.
    Answered on December 22, 2013
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  2. 0 POINTS
    Heather Fraser
    Founder, Logos Financial Solutions,
    It depends. borrowing rules are contingent on the type of plan. For example, a defined benefit plan which provides a fixed benefit at retirement most likely will not allow you to borrow. Whereas a defined contribution plan such as a 401(k) or 403(b) often provides such option. I suggest contacting your plan administrator to ascertain the requirements for your plan.
    Answered on July 5, 2014
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