​​Retirement Plan Loans – MemberMinds Video

No one wants to have to dip into retirement plan savings to meet current financial needs, yet retirement plan loans are an option many Americans consider using under pressing financial circumstances. As an alternative to taking heavily penalized early distributions from a retirement plan, a plan loan may be an option better suited to ensure you preserve what you’ve worked so hard to save.

In this video, Tom Nugent and Chris Greenan explain more about what a retirement plan loan is, what types of plans they are available, and some of the regulations and restrictions for taking them. Considering a retirement plan loan? There are several things to carefully consider before you make your decision.

• What exactly is a Retirement Plan Loan, and when they are available
• How much can be borrowed in a retirement plan loan
• How retirement plan loans are repaid • How interest works for plan loans
• What happens if an individual is unable to repay a plan loan

To learn more about plan loans, contact your PlanMember Financial Professional.