Is it possible to take money out of retirement accounts to pay for IVF?

**BC-eli** · 07-20-2007, 12:38 PM

????anyone know?

Misty · 07-20-2007, 12:42 PM

We tried to do so in 2003 for our $18K shared risk but were not allowed but perhaps it was just the kind of plan my dh had at the time?

SHANNONK · 08-12-2007, 12:47 PM

i will be taking out loans from our tsp or 401k's. we will be charged a $50 CHARGE AND THEn 2 weeks later have 2 checks in the mail

then i pay integramed

**BC-eli** · 08-12-2007, 02:12 PM

Quote:

Originally Posted by SHANNONK

i will be taking out loans from our tsp or 401k's. we will be charged a $50 CHARGE AND THEn 2 weeks later have 2 checks in the mail

then i pay integramed

how do you take the $ from the tsp? I have tsp. I will look into this.

SHANNONK · 08-12-2007, 05:09 PM

you go on your tsp website and fill out the application and request the amount of money you need and u have to find out how much u have available to u for laon. Then you submit the laon and wait for 2 wks to get the check in the mail and they electronically remove your monthly payments from your check

**BC-eli** · 09-18-2007, 07:48 PM

I finally spoke to someone about this today. Seriously considering this option.

JenX · 11-22-2007, 06:02 PM

Wouldn't you get slammed with taxes?

SHANNONK · 11-22-2007, 06:50 PM

I wont get hit with taxes just 3.99% interest.

I only get taxed when I remove the money for retirement. Im just taking out a loan from the 2 401k's that john and I have. HUGS>

heatherknight · 11-25-2007, 03:12 PM

wow, that's an awesome interest rate on a loan from your retirement plan.
you can take loans for whatever--depending on your type of 401 plan you have. it's the hardship withdrawals that cost you the big bucks.
good luck!

JenX · 02-20-2008, 06:52 PM

We just looked into this and the best part is you are paying yourself the 3.5% interest so you aren't really losing anything....just the higher interest you would have earned if you hadn't borrowed the money

Way better than charging it on cards...

07-20-2007, 12:38 PM	#1 (permalink)
BC-eli 10000-15000 post ace of hearts Join Date: Jan 2002 Location: NY Posts: 25,244 Blog Entries: 278	Is it possible to take money out of retirement accounts to pay for IVF? ????anyone know?

08-12-2007, 12:47 PM	#3 (permalink)
SHANNONK 300-399 post 5 of hearts Join Date: Mar 2007 Location: ALTAMONT NY Posts: 392 Blog Entries: 7	tsp 401k loans i will be taking out loans from our tsp or 401k's. we will be charged a $50 CHARGE AND THEn 2 weeks later have 2 checks in the mail then i pay integramed

11-25-2007, 03:12 PM	#9 (permalink)
heatherknight Registered User Join Date: Jun 2002 Location: Texas Posts: 1,192	wow, that's an awesome interest rate on a loan from your retirement plan. you can take loans for whatever--depending on your type of 401 plan you have. it's the hardship withdrawals that cost you the big bucks. good luck! __________________ Heather--32 single again DX with Endo and PCOS in 2000 Lap done Dec 2000 stage III-IV 2nd Lap done Aug 2003 stage I-II - severe scar tissue See profile for blog and page info!!

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07-20-2007, 12:42 PM	#2 (permalink)
Misty 10000-15000 post ace of hearts Join Date: Jan 2002 Location: Ohio Posts: 20,774 Blog Entries: 247	We tried to do so in 2003 for our $18K shared risk but were not allowed but perhaps it was just the kind of plan my dh had at the time?

08-12-2007, 05:09 PM	#5 (permalink)
SHANNONK 300-399 post 5 of hearts Join Date: Mar 2007 Location: ALTAMONT NY Posts: 392 Blog Entries: 7	you go on your tsp website and fill out the application and request the amount of money you need and u have to find out how much u have available to u for laon. Then you submit the laon and wait for 2 wks to get the check in the mail and they electronically remove your monthly payments from your check

09-18-2007, 07:48 PM	#6 (permalink)
BC-eli 10000-15000 post ace of hearts Join Date: Jan 2002 Location: NY Posts: 25,244 Blog Entries: 278	I finally spoke to someone about this today. Seriously considering this option.

11-22-2007, 06:02 PM	#7 (permalink)
JenX 1000-4999 post queen of hearts Join Date: Nov 2006 Location: VA Posts: 3,026 Blog Entries: 12	Wouldn't you get slammed with taxes?

11-22-2007, 06:50 PM	#8 (permalink)
SHANNONK 300-399 post 5 of hearts Join Date: Mar 2007 Location: ALTAMONT NY Posts: 392 Blog Entries: 7	I wont get hit with taxes just 3.99% interest. I only get taxed when I remove the money for retirement. Im just taking out a loan from the 2 401k's that john and I have. HUGS>

02-20-2008, 06:52 PM	#10 (permalink)
JenX 1000-4999 post queen of hearts Join Date: Nov 2006 Location: VA Posts: 3,026 Blog Entries: 12	We just looked into this and the best part is you are paying yourself the 3.5% interest so you aren't really losing anything....just the higher interest you would have earned if you hadn't borrowed the money Way better than charging it on cards...