Loan to buy out last few years of retirement

[sixfour1]

Hey,

I have worked at a company for over 17 years, its been a grind because I could never get over the hump and be that exceptional employee, and at times I have not been a good employee (no excuses).  I have about eight years till I'm able to retire.  I looked at my retirement formula and I was told I could buy back some years 5 years for prior service and 3 years from my first stint at the company.

At this time I am very unhappy and feeling stuck just trying to make it so I won't lose my retirement, but each and every day it becomes more evident I may not make it. Here is my question should I take a personal loand in the amount of lets say 40k, buy the years, retire from my company, and use the retirement pay to pay back the loan?

Has anyone ever done this if so how did you proceed. I am going to try my credit union first. 

[Pway]

I would suggest you speak with your retirement advisor regarding this.  I have co-workers who has done this in the education field and friends who has retired early from their state jobs.  When some of them did this they had to pay a part of the money back when they turned a certain age.  It all depends.

[youdontkillmoney]

The personal loan might ocme at a high interest rate that may not make it worth it,

I work for a local government and I bought back some Federal gov. service (about 1.5 years only), I used or rolled over some 401k money from that retirement account to pay for the service buyback for my pension, so I gained 1.5 years of service.

Is this an option for you to pay for that buyback by rolling over some other retirement account you may have?

[sixfour1]

I looked at interest rates for a line of credit from my credit union and it looks like for my credit score the interest rate will be 12.75 percent. This isn't that big of a deal as I would use the amount of retirement to pay off this loan. I just want to find a way out of here before I quit or am let go this close to retiring.  

I worked at Dell for three years and I should have some type of retirement funds their I could roll over I would have to find the account.

[Revelate]

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@sixfour1 wrote:

I looked at interest rates for a line of credit from my credit union and it looks like for my credit score the interest rate will be 12.75 percent. This isn't that big of a deal as I would use the amount of retirement to pay off this loan. I just want to find a way out of here before I quit or am let go this close to retiring.  

I worked at Dell for three years and I should have some type of retirement funds their I could roll over I would have to find the account.

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Dell's old package was the Employee Stock Purchase program that you had to opt into; you should've been bombarded with mails post Silverlake acquisition if you had anything at least if they could find your current residence.

[sixfour1]

If they did not have my forwarding address, where would istart looking.

[youdontkillmoney]

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@sixfour1 wrote:
If they did not have my forwarding address, where would istart looking.

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^^^
Contact Dell Humam resources where you used to work and ask if youhave a retirement account balance with them