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Tag Archives: ira

Should I Keep Investing in My IRA or Pay Off My Home?

retirement

“Dear Steve, Bought a home a year ago after finishing paying off students loans (am currently 27). I started contributing to a Roth about 6 months before I purchased the home and am now wondering if I should continue to max out the Roth or pay off the house faster? M” Don’t miss our free Get Out of Debt – ... Read More »

We Have Great Credit But Want to Take Money From IRAs to Pay Down Debt. – Doris

robbery

“Dear Steve, 48 year old female, married, 1 child 14 years olds in 9th grade – college bound. 11 years at job with vested pension, Roth and traditional IRA’s, home owner – 174,000.00 at 6% (fixed VA) monthly payment with taxes and insurance – 1507.00, 800 credit scores, 2 cars financed at 2.5% totaling – $40,000.00, 16 years before retirement, ... Read More »

Can I Take Money Out of One IRA, 401(k), 403(b), or Roth IRA and Roll It Into Another Account? – Dave

justball-144x125

“Dear Paul, Hello, I am unemployed and need money…fast!!. I have several different retirement accounts: With “Investor-A”, I have both, a Traditional IRA & a Roth IRA With “Investor-B” I have both, 401k & 403b accounts (100% vested)… and I also have a SEP-IRA Interesting scheme… do you think this will work..?? I know you cannot borrow from the IRA ... Read More »

What Do I Need to Know Before We Take Money Out of the IRA to Pay Our Credit Cards? – Jayme

justball-144x125

“Dear Paul, CC debit and trying to find the best way to handle the situation. We have about 55k in cc debit and have spoken with an attorney who said we make to much for chapter 7 but could go with chapter 13. My husband really didn’t like this route. I have an IRA with about 63k in it. Tell ... Read More »

I Was Told Not to File Bankruptcy Due to Severance I Might Receive. – Diane

justball-144x125

“Dear Lewis, In May 2009, I was laid off. I had an appointment with a bankrupcty lawyer the day after I was escorted out (I had fairly high security clearance). She told me to hold off on the bankruptcy due to whatever severance I might receive. I held off and held off…and had a really rotten relationship in the meantime. ... Read More »

My Active Duty Military Husband Says We Should Not Start Investing Till He Returns From Being Deployed. – Barbara

justball-144x125

“Dear Paul, We are an active duty military couple (14 years in) with one child and gross income of about $120,000 (with pay and allowances) per year. I’m 40, he’s 34. I have a Bachelors in Business and have almost completed a Masters in Finance. We’ve had money issues in the past, but dug ourselves out back to having a ... Read More »

Should I Take Money Out of My IRA and Use it to Pay Off Debt? – Dan

justball-144x125

“Dear Steve, Ok, here goes. I have spent the past many years (decades) coming and going from home; being away so much I never paid much attention to the bills. Recently I changed jobs and noticed my wife stressed out, upon investigation, discovered we owe $109,000 to credit cards. We almost own (still have a mortgage for six more years) ... Read More »

Facing Unemployment and Wanting to Cash Out Retirement. – Susan

justball-144x125

“Dear Steve, My husband and I are in our early 40s. I am a stay at home mom, we have three kids, ages 1, 2 and 3. We have $190,000 in retirement funds (IRAs and Roth IRAs). We have $160,000 in mortgage debt (3.75% 15 yr term). We have no emergency savings account, no other debt. My husband’s job is ... Read More »

Marriage and Money: How to Talk to Your New Spouse About Finances

justball-144x125

So you’re engaged. Or thinking about it. If you’re really serious about spending the rest of your life with another person, it’s time to get some of the tougher issues out in the open. Somewhere near the top of your list should be MONEY. Conflicts about money issues can stop a relationship before it has a chance to be successful. ... Read More »

How to Survive a Job Loss

Example 1

If you’ve ever lost a job, you know how devastating it can be. It doesn’t really matter how you lost it — a company reorganization, merger, forced retirement or simply being fired — the results are the same. It probably feels like everything you’ve worked for is gone, including your income. And because losing a job is often unexpected, you’re ... Read More »

Should We Settle Our Debt By Taking Money Out of Our IRA? – Laura

justball-144x125

“Dear Steve, My husband and I currently have 45,000 in credit card debt between 3 companies (5 cards). I lost my part time job last year, and since November we have been unable to make the minimum payments. We are now at 120 days late and we don’t know what our options are, or what to do. Two of the ... Read More »

My Husband and I Are Just Barely Making the Minimum Payments. – Janet

justball-144x125

“Dear Steve, My husband and I have about $40,000 in credit card debt. We are just barely making the min. payments. Right now the interest averages about 7.99%. Part of this 40,000 is due to purchasing a used truck in December and charging the 12,000. on a card at 5.99% until Oct 2009. In addition to the credit card debt ... Read More »

I Was Wondering if it Would Make Sense to Liquidate Part of our IRA and Pay Off the Mortgage? – Ken

justball-144x125

“Dear Steve, I have lost my job due to a so-called “voluntary” early retirement program. I am looking, but have yet to land another job, and at 55 I dont think my chances are great of making anywhere close to what I was making in my last job. Our children are grown and on their own, and our only debt ... Read More »

Should I Use Half My IRA Debt to Pay Off My Debt? – B

justball-144x125

“Dear Steve, I have about $9400 in credit card debt which has an interest rate of 25.66% ! I have about $4700 in an IRA account. I made about $ 70K last year but I am single with no dependents so I don’t have many exemptions and have alot of taxes taken out of my check. I have two jobs ... Read More »

Is Taking Money Out of My IRA to Pay Off Credit Card Debt a Smart Thing to Do? – Sarah

justball-144x125

“Dear Steve, I have about 25k in my IRA and about 2k in my 401k. I owe about 11k on credit cards and every month I go more into debt because I make less money then all of my bills. If I were to pay off my credit cards, I would have enough money to live on and wouldn’t need ... Read More »

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