How To Handle 401k Loan When You Leave Your Job

You may have a few different options when it comes to how you should handle your 401k loan when you leave your job. Today I'll cover those three options so you can figure out what's best for you!
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[@aaronfisher6728]

To all who may watch this video, there’s a lot this guy is missing out on. Call your 401(k) provider and ask about options. Typically, you cannot pay on a loan once you leave a job unless the plan specifically allows. But there are typically options available.

[@dreed4204]

I’m in a similar situation I’m about to start a new job and still have a small loan over my head

[@CocinandoFinanzas]

If a 401k gets rollover to a traditional IRA, can I then do a Roth IRA covertion between my Roth account & and my wife's ROTH if she's a stay home wife?

[@rustinstardust2094]

You don't have to roll it over into an IRA or another 401k though, right? You could just take a distribution for some or all of it? That's what I read on my own 401k company's site, although I feel like when I try to take it out after leaving a job there will be some excuse for why I can't.

[@Theguybieber]

When you leave an employer the year you turn 55 your 401k with that employer is available to you without the penalty. How are loans dealt with in that cAse? Distributions without penalty. How about Roth 401k. No penalty and no tax. Right?

[@kenpo1203]

How does it work if you have a Roth 401(k) loan?

[@oatiko3065]

Cash out the 401k entirely.

[@finn3102]

Well I would have disagreed with you several moths ago, but now I am about to do just that. Was laid off from a job 7 months ago, and I am still unemployed. All savings is gone and I need that money to keep a roof over my head.

[@user-qr4zu9bk2w]

@@finn3102Hope all is better today

[@July.4.1776]

Not a situation you want to be in is leaving employment with a 401k or 457 loan. 😬 If your in a position that your not moving on from or is extremely steady that is another thing.

[@finn3102]

Do you mean a scenario whereby you were laid off from a job, with an existing 401k & 457 loan?

[@yellowsand1964]

when you discharge / fired how long you have to wait?

[@RayA-cx1je]

The loan will be in default by the end of the calendar quarter following the quarter in which the repayment was missed.