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401(k) 403(b) Retirement Money

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


“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” Dear M, I think the math gives us a ... Read More »

    My Parents Are Draining Their Retirement to Pay Their Bills. – Nora

    black-hole narrow

    “Dear Steve, My parents have some financial difficulties and I am not sure how to advise them regarding how to get out of debt and stop spending so much from their retirement account. I am living with them but I have credit card debt of about $15,000. We need to know next step overall- if we should move. and if ... Read More »

      Spent Through 401k Money But Can’t Afford Bills. Husband Unemployed. – Jan


      “Dear Steve, My husband lost his job about 4 years ago. We were in debt then and had started to make extra payments to try to get out of debt. With the loss of his income, I went back to just making minimum payments on everything. I took money out of my 401k just to help us pay bills on ... Read More »

        I’m Retired and Wonder if I Should Use My Retirement Money to Pay Off Debt. – Karen

        Financing a budget

        “Dear Steve, I am a 62 year old single woman. I retired in June with a fixed PERS retirement pension and am also collecting my social security pension for a total of annual income of about $64,000. I have about $20,000 left in credit card debt that I have been paying down on a fixed debt reduction plan that I ... Read More »

          I’m Unemployed, Looking for a Debt Consolidation Loan, and Paying Bills From IRA. – Becky

          stressed woman

          “Dear Steve, Consolidating debt to avoid high interest rates or deplete 401K. Have taken on about $50K in credit card debt and have secured mostly 0% interest rate cards that are coming due over the next several months. I have depleted my brokerage savings but still have an IRA and 401K that I could tap into that would just barely ... Read More »

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


            “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 »

              Should I Take Money Out of My Retirement Account to Pay for a Move? – Sam


              “Dear Steve, My wife and I paid off our debts and we don’t want to go there again. I recently found a better job but it is going to involve significant upfront expenses in terms of move etc which is not paid for by the company. I have a 403b from my current employer with about 20K in it. When ... Read More »

                Lost My High Paying Job and Now Want to Tap My 401(k) to Pay Off Debt. – Tom

                Ready to Collapse

                “Dear Steve, 20 years same company making 200 or more each year in a sales role. Got fired unexpectedly. Been riding large debt load for years, but managing it I guess because of big income. My monthly nut is about 4k. + another 3k to float my excessive bad debt: Two cc: 32k 0% 12 months coming due in jan ... Read More »

                  WWII Vet Spends Down Retirement Accounts Trying to Make Payments – Bill

                  Ready to Collapse

                  “Dear Steve, 85 Year old WWII vet, ill health, In the late 80’s and early 90’s ran up $125,000 on several credit cards due to medical expenses and travel to other states to care for both our parents. We have spent all our IRA and about 85% of 401k on these bank cards. After retirement, got another job and paid ... Read More »

                    Should I Drain My 401K So I Can Pay Off Debt And Retire? – Cathy

                    Ready to Collapse

                    “Dear Steve, I am 65 yrs old, still working and my husband 71, retired. Our income is $51k (me), and my husband’s SS benefit of $10k. I used to have $250k Line of Credit/ c card debt. We’ve been diligently tried our best to pay and now the it’s down to $140k of Line Of Credit Debt on a home ... Read More »

                      Our House Is Not Fit to Live In. Should We Borrow From 401K? – Connie

                      Ready to Collapse

                      “Dear Steve, My daughter in law bought a house in 2004 before she married my son. Her name is the only one on the deed. She bought the house with the understanding that the house was new, only to find out afterward that court records show that the owner had gotten a remodel home loan of $10,000 and had sold ... Read More »

                        Unemployment and Parkinson’s Have left Us in Debt. Should We Use IRA Money? – Mary

                        Ready to Collapse

                        “Dear Steve, Due to my husbands unemployment and reemployment at a lower salary and my very small salary due to Parkinson’s disease, we have built up a very large credit card balance. About $40,000. We are barely making ends meet. We have about $200,000. + in an IRA and my husband is 60. We were/are hoping our house would be ... Read More »

                          I’ve Got a 401(k) Just Sitting Stagnant. – Steve

                          Ready to Collapse

                          “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 debt and a home equity ... Read More »

                            Should I Drain My 401k with Disabled Spouse? – Selena

                            Ready to Collapse

                            I have a disabled spouse, who is still waiting for his rating from the US NAVY for his disability. He has Multiple Sclerosis and has ZERO income, I was the bread winner in the family, until out of the blue, my employer closed our facility on Dec. 30th, 2011. After 18 years at my company, I am now without a ... Read More »

                              Spouse suffers from severe depression. Should I cash out IRA funds to get mortgage to a manageable amount? – Sue

                              Ready to Collapse

                              My husband suffers from severe depression and has lost 2 jobs in the last 2 years leaving me financially vulnerable. I need to plan my finances as if I were the only one bringing in an income. I have 2 children…1 in college with tuition costing me $25,000/year. I currently own a home worth $330,000 with an outstanding mortgage of ... Read More »

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