Hello all,
Did you know that if you need/want to, you can borrow money from your TRS pension or TDA? Yes, indeed, and the money is deposited very quickly into whatever account you need. Essentially, you are borrowing against the amount of money you have already accumulated and will have to deposit it back into your account to get it in retirement later on. What that means for your pension loans is that their interest rate is 7% (because that is what you are earning). This can be much lower than traditional personal loans which have rates in the double-digits pretty often. You can read some information here from an old article on the UFT website.
Did you know that if you need/want to, you can borrow money from your TRS pension or TDA? Yes, indeed, and the money is deposited very quickly into whatever account you need. Essentially, you are borrowing against the amount of money you have already accumulated and will have to deposit it back into your account to get it in retirement later on. What that means for your pension loans is that their interest rate is 7% (because that is what you are earning). This can be much lower than traditional personal loans which have rates in the double-digits pretty often. You can read some information here from an old article on the UFT website.
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