Should We Settle Our Debt By Taking Money Out of Our IRA? – Laura

“Dear Steve, My husband and I currently have 45,000 in credit card debt between 3 companies (5 cards). I lost my part time job last year, and since November we have been unable to make the minimum payments. We are now at 120 days late and we don’t know what our options are, or what … Read more

I Was Wondering if it Would Make Sense to Liquidate Part of our IRA and Pay Off the Mortgage? – Ken

“Dear Steve, I have lost my job due to a so-called “voluntary” early retirement program. I am looking, but have yet to land another job, and at 55 I dont think my chances are great of making anywhere close to what I was making in my last job. Our children are grown and on their … Read more

Should We Take Money From Our IRA to Buy a Car? – Brenda

“Dear Steve, Retired – husband 69 and I am 65 Husband worked for a now defunct airline for 28 years so pension is minimal from PBGC. I have an IRA worth about $210K (withdrawing $10K lump sum annually). We are both currently collecting social security. My husband has two part-time jobs and I have one … Read more

I Will Be Retiring Soon and Pay Off Mortgage With IRA Money. What Taxes Will I Owe? – Robert

“Dear Steve, I will be retiring soon. Will pay off mortgage with IRA money. Balance of mortgage about 59K. I am 63. For the situation I am in paying off my mortgage will make complete sense. Thank you How do I figure what taxes will be owed and can I pay this tax with money … Read more

We Are Using Money From Our IRA to Pay Our Bills. – Sandy

“Dear Steve, This is going to sound like we are are sleeze bags. Wife and I age 60. We owe $170K on credit cards and $295K on house that is worth at best $250K. We have about $110K in it. House was huge mistake… We have just under $500K in our IRA’s and zero in … Read more

Christine Writes And Asks Me “Should We Liquidate The IRA to Pay Off Debt?”

“Dear Steve, We have about $35,000 in current debt not including a home that is not finished. We have about $120,000 in IRA money. We own $75,000 in real estate free and clear that is for sale but not sold yet. Should we liquidate some of the IRA money to help out our debt? Christine” … Read more