This might be helpful since this strike might last a while. You are allowed two 401k loans through Fidelity. If you have only one loan out and do not want to continue with the weekly payments take another loan out to cover the principle balance of the first. Pay off the first loan and it takes 30 days for payments on loan number 2 to kick in. Repeat monthly while we are strike so you do not default and you defer payments till this ends. Best of luck and may we all (EWA and union) get back to our regular jobs.
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I have a question if someone could answer I would appreciate that... My wife works at Verizon..
What is the rule on spousal consent when borrowing/loan from the Verizon Savings and Security Plan. taking a loan of $25,000... Is it required for the spouse to sign application, or submit a waiver, or nothing is needed from the spouse.
( from what I have read, spouse needs to sign something it has to notarized or witnessed by sponsor )
Something to remember, Fidelity will do everything possible for you not to withdraw from your 401K, best advise withdrawing from your 401K is your last option... Your borrowing your own money but, if you dont repay the loan as a agreed your balance will decrease even more to pay your taxes.,...
When left with few options, this post was very good advice. This individual (Post ID: @H4OKuJM-thm) obviously works at corporate. You are paying yourself back so if you default, it just devalues your account by the amount you took out. Whip dee doo. You have your home intact until you figure out where this crap hole is all going. Again, all of these things the union should be suggesting to people but nadda. These are the things that should filter down to the picket captains. Inept leadership.
I almost did the same a few years ago and as you say, when it comes to losing your home or value in your 401K which inevitably will be devalued anyway when the projected unfunded liability of this nation hits 200 Trillion by 2034 as per CBO, that money will not matter anyway.
@uvm. Not aware of 6 month between loans clause. Just took one on Friday and my last was a month ago. We should all take loan out because it will tank stock price.
6 months needed between loans. 401k is not for short term use so please avoid this if at all possible.
I am convinced many posters are young people,with very little life experiences, the brain is still developing.
@thm. Did you read my post? The only thing you are exposing yourself too is investment risk of selling and buying securities at different price levels. You might even make money on deal if you time it right. You are not increasing debt just keeping yourself more liquid when cash at hand might not be available. Explain how this is bad advice unless you are just one of those people that is arrogant due to ignorance.
Take my house, or take a 401k loan, not much of a decision. Only an idiot would not do that.
You are an idiot if you think that is good 401k advice
Excellent advice This is going to be a very long strike. I wish our union would tell us things like this.
Thanks for a civil post.
I agree, lets hope all EWA and Union are back to normal jobs soon.