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Another questions about assets and savings
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Another questions about assets and savings
Do 401K plans count as assets? or savings acct? Is it the same thing. If a lender wants to see assets? is it savings account only or do 401 Ks also add to that?
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Posted 3/12/12 2:09 PM  |
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evrythng4areason
And then there were 4
Member since 1/10 5224 total posts
Name:
Kayla
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Re: Another questions about assets and savings
401k counts as savings assets
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| Posted 3/12/12 2:40 PM |
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Deeluvsvinny
DONE
Member since 10/08 4952 total posts
Name:
Whatever
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Re: Another questions about assets and savings
401K counts as assets, but they usually only count about 70% of the value...so if you have $100K in a 401K, they'd count that as you having $70K. You also have to be able to prove that you can withdraw the funds (not take a loan, just a withdrawal if you need to).
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| Posted 3/12/12 4:37 PM |
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Serendipity
Summer!
Member since 4/07 7631 total posts
Name:
PrayingWishingHopingALOT
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Re: Another questions about assets and savings
Posted by Deeluvsvinny
401K counts as assets, but they usually only count about 70% of the value...so if you have $100K in a 401K, they'd count that as you having $70K. You also have to be able to prove that you can withdraw the funds (not take a loan, just a withdrawal if you need to).
Oh really ok . That I didnt know. (about the withdrawal part)
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| Posted 3/12/12 5:56 PM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: Another questions about assets and savings
anything that you could liquidate tomorrow can be counted towards your savings/assets I believe. That's why they only count a portion of 401K, b/c if you liquidate you have to pay withdrawal fees and income tax
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| Posted 3/12/12 7:25 PM |
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