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NG currently uses Fidelity for 401k, if I have an outstanding loan and I move to another company that also uses fidelity, will I be able to resume my loan with them as well or will it become due upon leaving? Trying to avoid it become a withdraw, or having to pay the balance now as I prefer payroll deductions. Thanks TC 161k soon to be 205k #401k #finance #personalfinance #investments
Depends. Some companies (Vanguard) will allow you to continue to make monthly payments with no penalty unless you default. Just call Fidelity and see what options you have.
Call fidelity
Op you might be in luck as new and old company use Fidelity but call they will confirm.
I would probably advise to just leave it as is and call fidelity about the details. Honestly fidelity 401k funds are pretty great. Generally not a big reason to roll over unless your new brokerage is better.
No
You can keep paying the loan you just need to link your bank account to keep up monthly payments.
IRA ROTH offers over 200%
Most places you have to pay off the loan before you leave or they will consider it a withdraw and you will have to pay the withdraw penalty. Your previous company will not want to take the risk since you arenโt their employer anymore, it has more to do with the employer 401k than fidelity.
Policies change based on your company. Talk to Fidelity and they will guide you based on your new company policy. Some 401k allow you to continue making payment on a monthly basis even after leaving the job.
Yes this