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Tag Archives: 401k

Should We Take Money Out of Retirement to Pay Off Mortgage?


Question: Dear Steve, I am 63 years old. Retired. 401 $300,000 + plus pension & SS. Wife 62 retired drawing SS small 401 $45,000. We are retired and need to have more disposable income. We only owe $17,000 on our house with an interest rate of 5 3/4. If I took out money from 401 to pay off house we ... Read More »

    Are My Retirement Funds Safe From Creditors?


    Q. I understand that in certain circumstances IRA and 401(k) money may be protected from a lawsuit. However, if a person is retired and has rolled over their ERISA plan to an account with a financial institution, are those funds still protected? A. Generally speaking, yes. The laws can vary by state. “Under federal law, pension plans such as a ... Read More »

      The Great Illusion of Retirement Savings

      Panic attack

      The nation is facing a looming retirement income crisis. Average retirees today are not well off. Tomorrow’s average senior is likely to be in worse shape. Instead of addressing this looming crisis, too many of the nation’s policymakers and elites propose to make it worse. They tell the American people that Social Security’s earned benefits must be cut, despite their ... Read More »

        Should You Ever Tap Into Your 401K?

        Dollars and Stopwatch

        Saving for retirement isn’t easy. It’s hard to forgo things now to plan for some distant day in the future. But whether you want to see the world or play golf in your backyard, if you want to be able to stop working at some point, saving up is usually necessary. Calculating how much you will need in retirement can be tricky, ... Read More »

          5 Ways to Boost Your Retirement Savings

          retirement Paul Revere

          Even if you haven’t yet entered the working world, you can probably assume you will want to retire and some point. While most Americans have similar goals for a debt-free, affordable post-working life, you might not realize how much work (outside the office) it takes to get there. You probably are not saving enough, or are at least worried that ... Read More »

            401(k) Limit Updates Worth Knowing for 2015


            Every year someone asks me how much they can actually contribute to their 401(k). There seems to be a ton of confusion. Some 401(k) participants seem to think it’s a percentage. They are confused by the match percentage. Somehow they have confused that’s the max that they should contribute. Not true, that’s the max contribution to get your employers match. ... Read More »

              Reduce Your Spending and Save More. Now.

              Ready to Collapse

              Here’s some good news. Fidelity Investments recently reported that the number of 401(k) millionaires on their books has doubled over the past two years. Specifically, they went from 34,920 accounts with million-dollar balances to, as of the end of 2014, 72,379 accounts with seven-figure balances. That’s wonderful for those folks. The bad news is that those diligent savers are the ... 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 »

                  Many Draining Retirement Accounts Rather Than Deal With Debt


                  I’m not sure how many times I can say it, don’t drain your retirement assets to pay debt. It’s a bad idea on so many levels. In a couple of posts I even talk about the long term consequences of tapping those funds. See Here’s Why a 401(k) Loan to Pay Off Debt Can Cost You a Massive Amount in ... Read More »

                    How to Borrow From a 401k in a Make Sense Way

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                    Borrowing from a 401k is a major decision. It is important you make certain considerations before borrowing from your 401k, so that your loan doesn’t negatively impact your retirement. The key aspect to borrowing from a 401k vs withdrawing from one, is you won’t have to pay taxes or penalties unless you default on your loan or in some circumstances ... Read More »

                      Should I Roll Over My 403(b) to My 401(k)? – Salvador

                      Ready to Collapse

                      5 years in present employer.with GREAT 401k retirement plan … 2 years in previous one with so so plan worked at a place for 2 years with a 403 b retirement plan… there are $2100, right now and for the past 6 years im in a good place with great 401k plan… can I cash out on the previous plan ... 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 »

                          Should I Take Out a Loan from My 401k to Payoff Credit Cards? – Terry

                          Ready to Collapse

                          Income 70K Debt $300,000 mortage 4.5% fixed Debt $4,000 Student loan 4.5% Debt $5,000 Student loan 6.5% Debt $5,000 Student loan 6.0% Debt $5,000 Credit Card 10.2% 401K $11,000 Should I take out a loan of $5,000 from 401K @ 4.25% to pay off credit card, stop paying in to 401k and focus on paying off student loan? I still ... 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 cash in 401k to pay debt down to get better mortgage rate? – Carol

                              Ready to Collapse

                              Going to buy a home soon. Would like all credit cards to be at the 30% mark so that we get a better rate. Was told wed get 4.125 now but im wondering if I could get better. We make plenty of money but made bad choices in youth. Cc with high interest rates= a tone in lost money. Carol Read More »

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