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 - Restoration Story: Fordson Major - by Anthony West. George bought his Fordson Major from a an implement sale about 18 years ago for £200.00 (UK). There is no known history regarding its origins or what service it had done, but the following work was undertaken alone to bring it up to show standard. From the engine number, it was found that this Major was produced late 1946. It was almost complete but had various parts that would definitely need replacing.
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