Question
Harry (age 58) and Mary (age 56) are looking at their options to purchase a primary residence instead of renting. Harry has a 403(b) plan
Harry (age 58) and Mary (age 56) are looking at their options to purchase a primary residence instead of renting. Harry has a 403(b) plan that he contributes to and Mary has a 401(k) plan that she contributes to. Both will continue to work and don't plan on retiring for several more years. Harry is fully vested but Mary has not checked yet but thinks she is close. Mary has made 20% pre-tax contributions and no Roth contributions to her accounts for many years into S&P 500 Index funds. Harry has made 10% pre-tax contributions going into his account.
Mary just realized that if she waits two more weeks she will have vested account balance of $150,000. If Mary and Harry decide to wait two more weeks, how much can they borrow from Mary's plan?
A. $0
B. $50,000
C. $60,000
D. $75,000
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