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Tag Archives: 401k

I’d Like to Cash Out My 401K, Get a Home Equity Loan and Reinvest it in an IRA. – Rik

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Rik “Dear Steve, Hi Steve, you’re a good guy for helping so many people. We have $90,000 credit card debt all at %25, about 1/3 from unwise spending, the rest from medical bills, and taxes we couldn’t pay due to medical bills. I have been fighting minimum payments for years and years and can’t do it anymore. Our balances keep ... Read More »

    Steve Writes In “I Want to Cash Out My 401(k) And Pay Off Debt.”

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    Steve wrote me through the GetOutOfDebt.org site to ask his question below. You can too! “Dear Steve, I currently make $46,000.00 per year with no benefits. My wife’s income is $19,800.00 per year. Three years ago her income was $35,000.00 per year. We have racked up about $20,000.00 in credit card debt and have a car loan of which the ... Read More »

      Should I Take Out My 401K to Tide Us Over? – Dwight

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      Dwight “Dear Steve, I am a software salesman to the car wash industry. With the slowdown of the economy I have taken an almost 50% decrease in pay ($100K down to $50K). It looks like my income this year will be in the $40K area. I have a family of 4 beautiful kids (all girls) and a wife who works ... Read More »

        I’m Frantic and Don’t Know Where to Turn – Karen

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        “Dear Steve, I’m frantic and don’t know where to turn. My husband of 20+ years informed me recently that he hasn’t been generating income through his business, so he has been taking out cash advances on credit cards, running up lines of credit on our home and other rental property, and depleted all his 401(k) accounts. He’s done all this ... Read More »

          Should I Trade in My Half of Her 401K From the Divorce for a New Home Down Payment? – Ray

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          “Dear Steve, Getting divorced after 25 years. I’m getting 1/2 of her 401k. Because of the home market we will be lucky to get what we owe on the home. I need a down payment for a new home can I cash out my 1/2 of her 401k to put down on a new house. I’m looking at a $25,000 ... Read More »

            I Make Over $80K a Year But Living From Paycheck to Paycheck. – Jennifer

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            Because of the volume of submitted questions, I am behind in personally answering every single one. I need your help. I am publishing the question below for you to answer. Please help this person by adding your response and advice in the comments section of the original question. Click here. “Dear Steve, I make over $80k per year. I have ... Read More »

              I Am Single, No Savings, 51, and Live Paycheck to Paycheck. – Tamara

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              Because of the volume of submitted questions, I am behind in personally answering every single one. I need your help. I am publishing the question below for you to answer. Please help this person by adding your response and advice in the comments section of the original question. Click here. “Dear Steve, I am single, age 51, make 30k per ... Read More »

                I Almost Can’t Resist Draining my 401(k) to Payoff My Credit Card Debt. – Blake

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                Blake “Dear Steve, mortgage: $193,000 ($1556.40 payment) Car: $25,000 ($600.00 payment) Combined Credit Card and Bank Credit Line: $18,600.00 Salary: $75,000 I am only 29 (30 in December) and am having a hard time resisting the urge to take out the $15,000 dollars in my rollover IRA (401k from previous employer) to pay off the majority of my CC and ... Read More »

                  Should I Drain My 401(k) to Buy a Second House? – Armando

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                  Armando “Dear Steve, I am currently 38 years old, and married to a 24 year old. Between us we have about $25,000 in debt. My 401k is currently valued at $51,889, mind you I have been puting almost $600 in a period just to keep it at this level as most of it goes keeps going away do to stock ... Read More »

                    Should My Husband Cash in His 401K to Buy Some Cars? – Kris

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                    Kris “Dear Steve, My husband worked for a company that filed bankruptcy. He got another job and has 401k with them now puttin in the max. He received a letter the other day telling him he had to do something with his 401k from the previous job. We just bought a house, I lost my job and we both have ... Read More »

                      Dude, I Am Totally Freaking Out Over My Debt! – Margaret

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                      Margaret “Dear Steve, Help! We need serious advice! My husband and I have combined CC debt of almost $50,000. We have never been late on payments, but that is all about to change because we are about to hit rock bottom. In a year we have both watched our credit card scores fall from 748 and 720 each by almost ... Read More »

                        The Five Myths About Bankruptcy. Watch the Video.

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                        Thanks to Twitter I discovered a new video out of a news story on the five myths about bankruptcy. The myths are: You should be dead broke until you file for bankruptcy. Bankruptcy ruins your credit score. You lose your home if you go bankrupt. You should max out your credit cards before going bankrupt. You should raid your 401(k) ... Read More »

                          Will Cashing Out My 403b Negatively Affect My Credit? – Luke

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                          Luke “Dear Steve, I have a great employer pension, a decent 401k, and a small 403b($7000). I am not worried about retirement. I tried several years ago to combine the 403b into the 401k and was told I could not do that. I have no credit card debt but ridiculous student loans and a car payment. This summer I have ... Read More »

                            Should We Pay Off Our Mortgage? – Andy

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                            Andy “Dear Steve, I am 62 years old and had planed to retire in 3 – 3 1/2 years. With the ecomonic problems today my wife and I are thinking aobut taking $29000.00 out of my 401K and pay off our mortgage. I am still employed but things have really slowed down. So don’t know what year end will bring. ... Read More »

                              I’m Using My 401K to Get By And Have No Job. – Foster

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                              Foster “Dear Steve, I lost my job in November and have cashed and used my 401k to get me through so far. It is now exhausted and I still have no job prospects. My wife works and I get unemployment, but we cannot make ends meet. I have had my credit card accounts closed for some time now ( I ... Read More »

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