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Tag Archives: 401k

Divorced and Sinking in Debt. – Blair

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Blair “Dear Steve, Divcorced. Paying heavy child support. Behind on auto payments, can’t meet basic living expenses – facing bankruptcy. Tried debt consolidation, but the fees were high and it did not meet my needs. I have money in a 401k I need now. How can I cah out totally,as the IRS governs? Blair” Don’t miss our free Get Out ... Read More »

Would it be Wise to Pull the Cash Out of the 401k and Pay Towards Our Debt? – Brandy

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Brandy “Dear Steve, I am 30 and my husband is 40.We have 27,000 in his 401k (we have lost almost 10,000). We dont have much as far as credit cards but we are drowing in a house payment, 2 Vehicle payments (1300 per month) and a payment on a rental property that we are unable to rent out. We owe ... Read More »

Should I Cash Out My 401K to Pay Off My House? – Carol

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“Dear Steve, I lost my job. I am 65 years old and have a401k for $17000.00. Should I cash in my 401K to pay off my house. Carol” Don’t miss our free Get Out of Debt – “How To” Guide Series on a number of topics, for loads of practical advice, tips, and help to beat back debt. – Click ... Read More »

I’m Thinking of Taking Money Out of My 401(k) to Pay Down Debt

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“Dear Steve, Hi – I am a 50 yearld old man with a good income but I am in a financial pinch for sure. I have 2 kids in college right now – one is freshman and the other is a junior – both a tier 1 schools (not cheap). In 2009 I changed jobs – prior to that I ... Read More »

Jami is Worried About Losing Money in Her 401k And Wants Options

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Jami “Dear Steve, I’m losing money in my 401k. I left my 401k in my ex-employers plan. I started at $73000.00 and now it is down to $47,500. I really want to get it out of there but I have no idea where to put it. Can you offer any ideas? Jami” Don’t miss our free Get Out of Debt ... Read More »

I’ve Never Participated in My Companies 401(k). – Steve

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“Dear Steve, I am 40 yrs old and have been working at the current corporation for about 10 years now. I have not participated in the 401K plan(they do not contribute or match at all). I feel like i am the only one there who doesnt. Now everyone probably have some decent money towards retirement and I have nothing at ... Read More »

I’ve Liquidated My Savings, Checks and CDs But I’m Still in Debt. – Jennifer

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“Dear Steve, I currently have liquidated all my assets (savings, checking, CD’s) and have not tapped into my 401(k) yet. I am newly employed at a school district and make $32,275/year. I am now living paycheck to paycheck. My current debt is car loan of $10,943 at an interest rate of 5.5% and monthly payment of $552 – I am ... Read More »

Should I Cash in my 401K to Get Out of Debt? – Mona

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Mona “Dear Steve, We just finished building our home (we were the contractors). Before we started we had very manageable debt and our credit scores were almost 800. We used a construction to permanent loan(5.5%) and credit cards to build our home. Now that we are finshed we have a $255,000 mortgage and owe $85,000 on credit cards. My husband ... Read More »

I Have Too Much Credit Card Debt to Refinance the Mortgage. – Bob

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“Dear Steve, Was out of work for a while, and took a sizeable pay cut to take a job. Between my wife and I we are about 50K$ in CC debt. We make about 10,900K$ take home a month. Our expenses are about 5980$/month using your form. We need to refinance our mortgage to get the payments down (never late ... Read More »

I’d Like to Cash Out My 401K, Get a Home Equity Loan and Reinvest it in an IRA. – Rik

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Rik “Dear Steve, Hi Steve, you’re a good guy for helping so many people. We have $90,000 credit card debt all at %25, about 1/3 from unwise spending, the rest from medical bills, and taxes we couldn’t pay due to medical bills. I have been fighting minimum payments for years and years and can’t do it anymore. Our balances keep ... Read More »

Steve Writes In “I Want to Cash Out My 401(k) And Pay Off Debt.”

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Steve wrote me through the GetOutOfDebt.org site to ask his question below. You can too! “Dear Steve, I currently make $46,000.00 per year with no benefits. My wife’s income is $19,800.00 per year. Three years ago her income was $35,000.00 per year. We have racked up about $20,000.00 in credit card debt and have a car loan of which the ... Read More »

Should I Take Out My 401K to Tide Us Over? – Dwight

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Dwight “Dear Steve, I am a software salesman to the car wash industry. With the slowdown of the economy I have taken an almost 50% decrease in pay ($100K down to $50K). It looks like my income this year will be in the $40K area. I have a family of 4 beautiful kids (all girls) and a wife who works ... Read More »

I’m Frantic and Don’t Know Where to Turn – Karen

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“Dear Steve, I’m frantic and don’t know where to turn. My husband of 20+ years informed me recently that he hasn’t been generating income through his business, so he has been taking out cash advances on credit cards, running up lines of credit on our home and other rental property, and depleted all his 401(k) accounts. He’s done all this ... Read More »

Should I Trade in My Half of Her 401K From the Divorce for a New Home Down Payment? – Ray

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“Dear Steve, Getting divorced after 25 years. I’m getting 1/2 of her 401k. Because of the home market we will be lucky to get what we owe on the home. I need a down payment for a new home can I cash out my 1/2 of her 401k to put down on a new house. I’m looking at a $25,000 ... Read More »

I Make Over $80K a Year But Living From Paycheck to Paycheck. – Jennifer

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Because of the volume of submitted questions, I am behind in personally answering every single one. I need your help. I am publishing the question below for you to answer. Please help this person by adding your response and advice in the comments section of the original question. Click here. “Dear Steve, I make over $80k per year. I have ... Read More »

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