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At 62, Borrowing $50,000 From a 401(k) for a New Roof

Original: At 62 He'll Borrow $50,000 From His Own 401(k) for the Roof, Pay Himself Back at 9% Over Five Years, and the IRS Will Never Get to Call It a Withdrawal

A 62-year-old homeowner is planning to take a $50,000 loan against his own 401(k) retirement account to pay for a new roof, repaying himself at 9% interest over five years. Because the money is a loan rather than a distribution, the IRS does not treat it as a taxable withdrawal, letting him borrow from his savings while the roof gets fixed.

Why now: Retirees and near-retirees are looking for ways to fund big home repairs without triggering taxes or penalties, and 401(k) loans are a debated option.

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• At 62 He'll Borrow $50,000 From His Own 401(k) for the Roof, Pay Himself Back at 9% Over Five Years, and the IRS Will Never Get to Call It a Withdrawal · 24/7 Wall St.

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