The Federal government gets the extra 10%. Depending on your plan structure it may have the 10% penalty end at an earlier age. Our company's plan dropped the 10% if you retired at age 55 or later. If you retired earlier then age 55 the standard 59 1/2 age rule applied. Loans can be a good deal if it is for a business venture. Problem is you are limited to $50,000 or no more than 50% of your account balance, which doesn't go very far today. I borrowed a couple of times for farm down payments, and since it was a business could deduct the interest although I was paying it back to myself via the 401K plan. Like having your cake and eating it too. Only issue is the $50,000 limit or it would be the greatest scheme the non-wealthy can utilize.
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Today's Featured Article - The David Brown Rose Badge - by Samuel Kennedy. In the 13th century civil war was raging in England. Two English noblemen were involved in a conflict which became known as the War of the Roses. The Duke of York had as his emblem a white rose and the Earl of Lancaster had a red rose. Today the white rose is the official emblem of the county of Yorkshire and the red rose has been adopted by the neighboring county of Lancashire.
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