Exploring My 401k Loan Options at Age 23
Here’s a summary of the main problem and the solutions discussed in the conversation:
- Main Problem: The user is seeking a 401(k) loan for 50% of their vested balance and is unsure if there are reasons that might lead to the loan being denied.
- Solution 1: The user is advised to contact their 401(k) plan administrator for specific rules regarding loans, as these rules can vary by plan.
- Solution 2: If the 401(k) is managed by Fidelity, the user can log into NetBenefits.com to explore their loan options directly.
- Solution 3: For further assistance, the user can reach out to Fidelity’s Workplace Investing team by phone, with specific instructions on how to be routed to the correct department.
Here’s the full thread
Im looking to get a 401k loan for 50% of my vested balance, i am 23 years old. would there be any reason this is denied?
Specific rules regarding 401(k) loans are set by your 401(k) plan administrator. We suggest contacting your plan administrator for more details on your specific plan. 🟢
is my administrator the hr department?
Hey there, @deeeeetrick. I’m happy to clarify.
Rules regarding workplace plans and how they handle loans are set by your specific plan. If your 401(k) is held with Fidelity, making us your plan administrator, you can review your choices on NetBenefits.com. Once logged in, click the three-dot menu for the desired plan, select “Loans or Withdrawals,” and then “Explore your options.”
If you’re unable to find the information you need or have questions about your loan choices, please reach out to our Workplace Investing team using the contact link below. The team is available by phone Monday through Friday, 8:30 a.m. to midnight ET. If prompted, you can say “401(k)” to be routed correctly.
Contact Fidelity: https://www.fidelity.com/customer-service/contact-us
Please let us know if more questions come up. We’re happy to help where we can! 🟢