Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
I need help finding a plop loan
Old 06-28-2012, 10:37 AM   #1
Confused about dryer sheets
 
Join Date: Jun 2012
Location: cleveland
Posts: 1
I need help finding a plop loan

I'm about to retire from public school teaching in Ohio. I need a four month loan to pay off buying four years of public school teaching. I will receive a plop check of $80,000 from the retirement system 90 days after I retire. I need a loan of 42K. Anyone got any suggestions? My teacher credit union said no. My mortgage is under water.
__________________

__________________
gcielec is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-28-2012, 10:53 AM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,287
Since the CU usually is the most leinient in lending, if they say no I think you will not get one....

Have you thought about CCs? They have high interest rates, but if you are going to pay it off in a few months it might be worth it to you.
__________________

__________________
Texas Proud is offline   Reply With Quote
Old 06-28-2012, 10:56 AM   #3
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Sep 2005
Location: Northern IL
Posts: 18,288
Can you really afford to retire with an underwater mortgage and not having a liquid $42,000?

-ERD50
__________________
ERD50 is offline   Reply With Quote
Old 06-28-2012, 10:58 AM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,287
Quote:
Originally Posted by ERD50 View Post
Can you really afford to retire with an underwater mortgage and not having a liquid $42,000?

-ERD50
It is according to how many years he (she?) worked.... heck, he could be getting close to 100% of his salary if he worked long enough...
__________________
Texas Proud is offline   Reply With Quote
Old 06-28-2012, 11:01 AM   #5
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,461
I like Texas Proud's CC idea, but do you have any other assets that could be used as collateral?
__________________
pb4uski is offline   Reply With Quote
Old 06-28-2012, 11:17 AM   #6
Recycles dryer sheets
 
Join Date: Nov 2010
Posts: 110
Do you have anything in tax free accounts? I know when my DW had to purchase time before ER she used some 457 funds to keep the tax advantage. I would think that that option would be open to you if you have the funds in a 401, IRA, or 457. If not the CC option may be out there for you.

T-bird
__________________
T-bird is offline   Reply With Quote
Old 06-28-2012, 11:19 AM   #7
Moderator
ziggy29's Avatar
 
Join Date: Oct 2005
Location: Texas
Posts: 15,613
Quote:
Originally Posted by ERD50 View Post
Can you really afford to retire with an underwater mortgage and not having a liquid $42,000?
If they have a COLA'd pension that exceeds their income needs (even with the mortgage) and have their health insurance situation under control, sure. Plenty of people have done this.
__________________
"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)

RIP to Reemy, my avatar dog (2003 - 9/16/2017)
ziggy29 is offline   Reply With Quote
Old 06-28-2012, 11:42 AM   #8
Full time employment: Posting here.
arebelspy's Avatar
 
Join Date: Apr 2011
Posts: 625
Quote:
Originally Posted by T-bird
Do you have anything in tax free accounts? I know when my DW had to purchase time before ER she used some 457 funds to keep the tax advantage. I would think that that option would be open to you if you have the funds in a 401, IRA, or 457. If not the CC option may be out there for you.

T-bird
This would be ideal, and even if you have the money liquid you may want to contribute the max to a retirement account and purchase part with that, for the tax benefits.

I'm a teacher as well, and purchasing years can be done from a tax free account (at least in my state) such as a 403b or 457.
__________________

__________________
arebelspy is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 10:18 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.