B fund FDX
04-18-2008 | 06:51 AM
#1
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B fund FDX
Anyone know if your B Fund is accessable for emergencies or if furloughed, or disabled? Is there a difference between your contribution and the company contribution? Would be nice if we could borrow from like the TSP.
And no I am not a pessimist, just want to know what rainy day money is available
And no I am not a pessimist, just want to know what rainy day money is available
04-18-2008 | 11:26 AM
#2
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Viper,
typically, most 401k plans allow you to borrow from your account, setting up payments to pay yourself back, including interest. The problem is that you defeat the advantage of compounding interest during the time that the funds are absent from your account. Someone correct me if this does not apply to our 401k plan.
typically, most 401k plans allow you to borrow from your account, setting up payments to pay yourself back, including interest. The problem is that you defeat the advantage of compounding interest during the time that the funds are absent from your account. Someone correct me if this does not apply to our 401k plan.
04-18-2008 | 11:33 AM
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From: B-777
Viper, if u have equity on your home, take out a home equity line of credit. That's what I did during the last negotiations. It's nice for a rainy day. Interests rates are great right now as well. I got mine through USAA.
04-18-2008 | 11:36 AM
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Viper,
typically, most 401k plans allow you to borrow from your account, setting up payments to pay yourself back, including interest. The problem is that you defeat the advantage of compounding interest during the time that the funds are absent from your account. Someone correct me if this does not apply to our 401k plan.
typically, most 401k plans allow you to borrow from your account, setting up payments to pay yourself back, including interest. The problem is that you defeat the advantage of compounding interest during the time that the funds are absent from your account. Someone correct me if this does not apply to our 401k plan.
I do not think there is any method of tapping B fund money, short of retirement or resignation. The money is yours, 100% but not the same as 401K for loans as far as I know.
04-19-2008 | 04:21 AM
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From: MD-11 Capt
04-19-2008 | 04:22 AM
#7
Living the dream!
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From: MD-11 Capt
04-19-2008 | 04:44 AM
#8
Trust but Verify!!
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From: MD11 CRA
"True, in our plan you can have 1 loan on the 401K side, and you repay yourself with interest. The money is removed from your accounts, so you loose out on the money that it would have earned."
Also, you pay yourself back with after tax dollars thus losing out on the tax break you get on the original money. You may even have to pay tax on the money you take out but I am not sure. Either way, it is not your best option IMHO.
Also, you pay yourself back with after tax dollars thus losing out on the tax break you get on the original money. You may even have to pay tax on the money you take out but I am not sure. Either way, it is not your best option IMHO.
04-19-2008 | 06:49 AM
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From: B-777
Well RT. counter tops pale in comparison to a pool, second garage and a couple of slums that you think you're going to make money on. I didn't realize you had that much equity on your house. Don't make Boy Captain feel bad about leaving Mem, He doesn't have as much debt as you, so therefore he can afford to leave Mem.
04-19-2008 | 07:59 AM
#10
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Well RT. counter tops pale in comparison to a pool, second garage and a couple of slums that you think you're going to make money on. I didn't realize you had that much equity on your house. Don't make Boy Captain feel bad about leaving Mem, He doesn't have as much debt as you, so therefore he can afford to leave Mem.
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