Tag Archives: cash out 401k
- I’ve Got a 401(k) Just Sitting Stagnant. – Steve
“Dear Steve, I am a state employee and am fully vested in the state’s pension plan. My job is secure and I will be able to retire with a full pension. I also have an older 401k from a previous employer with approximately $30k just sitting stagnant. My wife and I have some credit card [...]
- I’m Considering Cashing Out My 401K or Bankruptcy? – Gary
“Dear Lewis, Married with 4 kids. My annual salary-$75,000. My wife makes $16,000 a year. Owe $175,000 on house – worth $200,000 and payment is $1380 a month. Have one car loan @$294 a month & balance is $8500. We have $29,000 in credit card debt costing $800 a month. Also have $21,000 in 401k [...]
- I Just Turned 26. Should I Liquidate My 401K to Pay My Debt.
Carie “Dear Steve, Steve, I just turned 26 and currently have $5,700 in a 401K from a job I recently left (for a new one). I make about $38K per year and have $11K in credit card and $3K in car debt. I am getting married in April of next year and will probably add [...]
- How Do We Eliminate Our Debt? – Brenda
“Dear Steve, Husband is employed and I am a stay at home mom. We have loads of credit card debt and need advice on how to eliminate it. Ok, here goes. My husband and I have about 60K in credit card debt. Ugly, I know. I am now a stay at home mom with 3 [...]
- I Am a 53 Year Old Pilot With a Side Small Business in a Lot of Debt. – Rich
“Dear Steve, I’m a 53 year old pilot making 85K/ yr. I also own a small business that I invested heavily in hoping to start reaping profits by now. Instead, I’m now in debt for about 40K in outstanding business expenses with about additional 25K in credit card debt and 18K unsecured loan. I loaned [...]
- I’d Like to Cash Out My 401K, Get a Home Equity Loan and Reinvest it in an IRA. – Rik
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 [...]
- Should I Cash Out my 401K to Pay Off Debt? – Anna
“Dear Steve, I am currently a stay at home mom and my husband is working outside the US. Our monthly income is $13,000/mo. And our revolving debt is listed below: Home Mortgage – $340,376.98 – 2,098.82 Line of Credit 191,529.48 – 568.53 Credit Card 1 10,088.49 – 336.00 Credit Card 2 15,865.05 – 343.00 Credit [...]
- Should I Use My IRA to Pay Off My Debt? – Donald
“Dear Steve, I have had this thought to reduce our debt and to better manage our finances. It is quite complicated (as I am sure most situations are), so I will do my best to present all the information. My wife and I (we are in our mid 30s) have a credit card with $7k [...]
- Should We Sacrifice Our Retirement Funds to Settle Our Debts? – Alex
“Dear Steve, My family and I are behind on $96,000 of credit card debt equalling 7 accounts. These accounts are all between 120 and 150 days pass due. My family budget is about $1,200 a month short to make the monthly minimun payment on these accounts. One of our credit lenders who represents $82,000 and [...]
- Should I Cash Out My 401K to Pay Off My Credit Card Debt? – Angie
“Dear Steve, Should I cash out part of my 401k to pay off my 136,000 in credit card debt? Is the penalties worth getting rid of all that interest? The monthly payments are getting to high to pay due to the rising of interest rates. We tried to refinace our home but due to the [...]
- We Are Flat Broke And Need to Drain Our 401(k). – Susan
“Dear Steve, Currently collecting unemployment after being laid off from my job back in Feb 2009. It is exactly enough to pay my rent. My husband’s income is mostly from tips and some side jobs he does. We have very poor credit and our utilities are behind and have no savings. We have 2 children, [...]
- We Are Thinking of Cashing Out Our 401K to Pay Off Some Debt. – Mary
“Dear Steve, We are a couple in our late 50′s. Our problem, we bought a house two years ago, payments $1700. we have $15000 in CC debt all in collections, we had a cut in income….we bring home $3100 a month. We have exhausted all savings, we cannot pay insurance, expenses, cc, etc. in full. [...]
- Should My Husband Cash in His 401K to Buy Some Cars? – Kris
Kris “Dear Steve, My husband worked for a company that filed bankruptcy. He got another job and has 401k with them now puttin in the max. He received a letter the other day telling him he had to do something with his 401k from the previous job. We just bought a house, I lost my [...]
- My Unemployment Only Covers My Rent and Gas. Should I Drain my 401K? – Michelle
Michelle “Dear Steve, I was laid off in Dec08 and am at the end of my savings. Although I do get unemployment, it only covers my rent and gas. I am a single mother of 1 and am getting child support which is soley going to help with daycare expenses. I have 2 credit cards [...]