My wife is out of work and I was for about a year. We have about 40K in CC debt and there is no way I see to get rid of that. We have 2 houses and can’t selll the one we do not live in as the market stinks. We have the two mortgages. I have 54K in a self directed IRA I want to use to pay off the cc debt. I make 90K yr but we have the cc debt, car payments, living expenses and our salaries do not make the monthly liability.
I want to know should I take the money out, and if so what would I get minus all the fees? I am 43 yrs old and my wife 48 with no IRA and a 13K yr job.
I think it would be an utter mistake for you to touch that money in your IRA. At this point it is protected from your creditors. If you take it off and settle or pay off your credit card debt there is no expectation that it will remedy your overall situation.
If you are unable to unload one of those homes you are probably headed for bankruptcy and if that’s the case, call me cold, but I think you need to leave the IRA funds where they are to protect them. You need to leave this money in and let it grow because you will grow old fast.