I am a 62 year old single woman. I retired in June with a fixed PERS retirement pension and am also collecting my social security pension for a total of annual income of about $64,000. I have about $20,000 left in credit card debt that I have been paying down on a fixed debt reduction plan that I set up myself….I will be debt free by March 2015 on this plan, with the exception of my car payment (0% interest) which will be gone by August 2016.
I have about $30,000 in a 403B that I do not currently withdraw from and is approximately making about 4-8% interest annually (with the exception of losing a lot during the recent downward fall…but I do have about what I put in there)
My question is should I take money out of my 403B and pay off my credit card debt or just stay on my current plan?
Do you have any assets or equity in your home?
Isn’t your 403(b) back to it’s 2009 level? The stock market has rebounded 116% or so since that time.
Are you able to afford your debt reduction program and make minimum payments plus extra each month?
Are you planning to work anymore or are you now relying on your pension 403(b) from this point forward?
Please post your responses and follow-up messages to me on this in the comments section below.
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