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Tag Archives: 401k

Should I Take Money Out of My 401k or Roth IRA to Pay My Student Loans? – Seapar

“Dear Paul, Annual Gross Income: 66,000 401k balance: 16,000 Roth IRA balance: 6,000 Savings: 5,500 Stock: 1,500 Grad Student Loans: (72) payments left of one $520 combined payment per month on total $32,500 balance on the following (so, $5,000 interest would be paid over the life of the loan at this payment rate). Loan 1 Direct Unsub $5,500 balance, Interest ... Read More »

    Should I Use My 401(k) to Pay Off My Mortgage? – Edi

    “Dear Paul, My 401 k has lost 1.7% this year. I am 51 years old. I am wondering if I could use my 401 to pay off my mortgage. I have about $100,000 in my 401 and owe that on my house. I would be debt free. Should I use the 401 to pay off my mortgage Edi” Dear Edi, ... Read More »

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

      “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 »

        Cashing Out My 401(k) to Pay Off Debt. Is It a Good Idea? – Paul

        “Dear Paul, I work for the federal government and make about $90K. My wife makes about 45K (no benefits) after losing her corporate job in 2003. I am 47 with an MS, she is 52 with a BS, married 23 years. I have to retire from my current job at 57 so we both know we will be working at ... Read More »

          401(k) Loans Rising to Make Ends Meet. Spells Big Future Trouble for Consumers.

          Ready to Collapse

          The bad news is out, more people are raiding their 401(k)s for cash to address current financial needs. While the ability to reach into a 401(k) might be perceived as a good thing, after all isn’t it our own money, it’s not. When you steal from your 401(k) you are really taking money from your 81 year old self who ... Read More »

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

            “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 »

              Gerri Detweiler and I Talk Honestly About Debt

              Ready to Collapse

              Gerri Detweiler and I talked recently via Skype video about debt for a video blog she did for DebtConsolidationCare.com. Below you will find our discussion which surrounded the issues I brought up in my article The Honest and Unvarnished Truth About How to Get Out of Debt. Get Out of Debt Guy – Twitter, G+, Facebook Need More Help? Read More »

                What Penalties Will I Pay to Take Out My 401K Money? – Karen

                Ready to Collapse

                I am 59.5 years old, have about 50,000.00 in 40K. I do have a retirement plan with my company that will pay about $900.00 a month when I retire at the age of 62. I usually get back around $2000.00 when filing taxes as I have a large amt taken out of my check. I want to take $20000.00 out ... Read More »

                  Dave is in a CCCS Credit Counseling Program But Feeling Hopeless

                  Ready to Collapse

                  “Dear Steve, Family of 4 (13 yr & 12 yr girls). My salary = $112K, wive’s salary = $40K. Total Assets $292K (liquid $10K, autos $9, house $200, 401K $73K). Total Liabilities $204K (mortgage $112, home equity loan $41K, credit cards $24K, 401K loans $22K, auto loan $5K). Net worth = $88K. . .plummeted 35% in last year. How did ... Read More »

                    Lost My Job, Upside Down in Mortgage, and Our Expenses Far Exceed Our Income. – Doug

                    Ready to Collapse

                    Doug “Dear Steve, I have lost my job, We have a huge overhead and with the current economy, we have tried, but unable to sell our house for loan value. Upside down with bills 4 to 5 times what is coming in. Applying for jobs but nothing yet and have depleted savings and 401 ks leaving early withdrawl penalties I ... Read More »

                      I Am Permanently Disabled. Should I Take Money Out of My 401(k) to Pay My Credit Card? – Jeri

                      Ready to Collapse

                      Jeri “Dear Steve, I’m a 51 yr old female on total disability, and will be for the rest of my life. I receive Social Security and Long Term Disability thru the company that I worked for. My question is this. I have a credit card that has a balance of $5900, and the promotion of that card is going to ... Read More »

                        I’m Looking to Cash in My 401(k) to Settle My Credit Card Debt. – Jackie

                        Ready to Collapse

                        “Dear Steve, I am currently unemployed and have 50,000 in debt. I am looking to cash in my 401K to settle my debt with the credit card companies. I even called to see if they would take less than I own, by doing this I was told that the amount I don’t pay has to be claimed as income on ... Read More »

                          I Have Debt I Have Not Paid in 60 Days. What Do I Do? – David

                          Ready to Collapse

                          “Dear Steve, I have about $22,000 in major credit card debt that I have not paid in over 60 days. I do have about $500.00 in store credit card debt, which I am paying off. $325.00 a month in car payments for another 3 years. $2000.00 in personal loans which I am paying. Also bought a big screen TV from ... Read More »

                            My Disabled Husband Wants to Take Money Out of Retirement to Pay Credit Cards. – Stacy

                            Ready to Collapse

                            “Dear Steve, My husband is 53-1/2 years old and recently put on permanent disability because of numerous complications from diabetes. He also will be receiving a small pension from his former employer. We understand that he will not be penalized (10%) for touching his 401K since he is disabled, but will be taxed on whatever he draws. He has an ... Read More »

                              Boyfriend Cheats Me Out Of Money To Feed His Debt Habit

                              Photo Credit: crnewbedford

                              I’d like to follow up with my previous article, How Do You Value Your Quality of Life? Debt Solutions to Fix The Future In this article I showcased a friend of mine, Michael. I should point out that Michael was much more than a friend to me, we had been in a very serious relationship for a year and a ... Read More »

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