Comments on: Steve Writes In “I Want to Cash Out My 401(k) And Pay Off Debt.” http://getoutofdebt.org/999/steve-write-in-i-want-to-cash-out-my-401k-and-pay-off-debt Free debt help and debt advice on how to get out of debt, getting out of debt consolidation scams, and inside information on the debt relief and debt help industry. Fri, 25 May 2012 02:12:00 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Roger http://getoutofdebt.org/999/steve-write-in-i-want-to-cash-out-my-401k-and-pay-off-debt#comment-2492 Roger Fri, 06 Mar 2009 01:53:55 +0000 http://getoutofdebt.org/?p=999#comment-2492 Why not draw it pay off high intrest loans or credit cards. Could you not increase the money you put into your 401. The money you would save in intrest would more than make the differance. No? Why not draw it pay off high intrest loans or credit cards. Could you not increase the money you put into your 401. The money you would save in intrest would more than make the differance. No?

]]> By: Steve Rhode http://getoutofdebt.org/999/steve-write-in-i-want-to-cash-out-my-401k-and-pay-off-debt#comment-2362 Steve Rhode Tue, 03 Mar 2009 15:34:36 +0000 http://getoutofdebt.org/?p=999#comment-2362 Bob, Your idea seems to make sense but only you can decide if that is what you want to do. However, the money you cash out now could be worth a lot more when the market rebounds. Who knows how long that will be. On the other side, it is really nice to live without a mortgage. Steve Bob,

Your idea seems to make sense but only you can decide if that is what you want to do. However, the money you cash out now could be worth a lot more when the market rebounds. Who knows how long that will be.

On the other side, it is really nice to live without a mortgage.

Steve

]]> By: Bob http://getoutofdebt.org/999/steve-write-in-i-want-to-cash-out-my-401k-and-pay-off-debt#comment-2315 Bob Tue, 03 Mar 2009 04:03:24 +0000 http://getoutofdebt.org/?p=999#comment-2315 Sad story: I'm 70 years old and I currently get checks for $975 per month SS: (They take 15% of my award), (about $150 @ month for unpaid student loans). My wife, (64) works 28 hrs. a week so she can get medical benefits. She takes home about $1100 a month, (after taxes and buying $200 a month in company stock. (walmart kicks in 15% up to $2500) so she gets all she can out of her investment. She also gets $961 @ month SS. Her 401K has dropped from $43000 to $33000 in the last four months! should we bail out? We only have a balance of $9000 left on our house, (value in this market about $90,000) There is no pre-payment penalty if we pay it off. We can easily make it on our combined SS, (around 2K a month)(less our $377 @ month on our mortgage if we keep it for another year. Seems like a no-brainer: Take the lousy $33,000, pay of the house ($1700 savings) and live mortgage-free on around 2k a month. Wad'ya think? Cash in, or wait it out for another year until My wife reches 65 . Sad story: I’m 70 years old and I currently get checks for $975 per month SS: (They take 15% of my award), (about $150 @ month for unpaid student loans). My wife, (64) works 28 hrs. a week so she can get medical benefits. She takes home about $1100 a month, (after taxes and buying $200 a month in company stock. (walmart kicks in 15% up to $2500) so she gets all she can out of her investment. She also gets $961 @ month SS. Her 401K has dropped from $43000 to $33000 in the last four months! should we bail out? We only have a balance of $9000 left on our house, (value in this market about $90,000) There is no pre-payment penalty if we pay it off.
We can easily make it on our combined SS, (around 2K a month)(less our $377 @ month on our mortgage if we keep it for another year. Seems like a no-brainer: Take the lousy $33,000, pay of the house ($1700 savings) and live mortgage-free on around 2k a month. Wad’ya think? Cash in, or wait it out for another year until My wife reches 65

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