I am considering accessing the ROBS (roll over for business startups) program to roll my 401k into a 401k plan under my start-up without deduction or penalty where the funds are exchanged for common stock held by the 401k. Those funds can then be used to finance operating expenses for my company (everything except a wage for me).
Here is the formal description of the ROBS program: "A rollover for business startups (ROBS) allows you to invest retirement funds from a 401(k) or individual retirement account (IRA) into your business without paying early withdrawal penalties or taxes. A ROBS isn’t a business loan or a 401(k) loan, so there’s no debt to repay or interest payments to make. A ROBS isn’t a withdrawal from your retirement account or a loan against it. Instead, it’s a rollover that invests directly in your business."
Has anyone on the forum had experience (good or bad) with the ROBS program? Would love to hear before I make the decision on whether to pursue it or now.
Enjoy your Sunday.
Sean
Here is the formal description of the ROBS program: "A rollover for business startups (ROBS) allows you to invest retirement funds from a 401(k) or individual retirement account (IRA) into your business without paying early withdrawal penalties or taxes. A ROBS isn’t a business loan or a 401(k) loan, so there’s no debt to repay or interest payments to make. A ROBS isn’t a withdrawal from your retirement account or a loan against it. Instead, it’s a rollover that invests directly in your business."
Has anyone on the forum had experience (good or bad) with the ROBS program? Would love to hear before I make the decision on whether to pursue it or now.
Enjoy your Sunday.
Sean
Dislike ads? Remove them and support the forum:
Subscribe to Fastlane Insiders.