Should I Cash Out Retirement to Pay Parent PLUS Loans Off?

Question:

Dear Steve,

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Single 60 year old woman with parent loans of $60000- 8.5%- since getting divorced have been unable to pay – loans in deferment

Does it make sense to take money out of my retirement funds ($80000) to pay off the loans at this point? I am unable to save for retirement now but I don’t see any other way to pay these loans.

Cindy

Answer:

Dear Cindy,

It does not make sense. See The Best Way to Lower Parent PLUS Loan Payments and leave your retirement for retirement.

 Sincerly,
 Steve

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