It sounds so good, borrow from yourself, and pay yourself back! When you do the actual calculations it doesn’t work that neatly.
The contribution limits for 2012 for a 401(k), a 403(b) and a 457 plan is $17,000. The limit increases with the rate of inflation.
A rollover IRA is when you transfer money from a retirement account into an IRA.
To get a head start on this year’s taxes start planning now. Set up a filing system.
Congress and the IRS decided that you could not leave your pre-tax retirement savings growing forever tax-deferred, so they chose 70½ for you to begin your mandatory withdrawals.
The number I am looking for is actually 59½!
Congress realized a couple of years back that most workers will not have enough retirement savings set aside for their golden years.
You may have a 401(k), a 403(b) which is for nonprofit organizations such as schools and hospitals, a 457 plan which covers state, county and city employees and there is a Thrift Savings Plan for federal employees.
Almost all 401(k) plans and some 403(b) and 457 plans allow the participant to borrow from their plan.
It’s midyear and this is a good time to review your retirement accounts.