SHOULD I TAKE 20,OOO OUT OF RETIREMENT ACCOUNT TO PAY OFF CREDIT CARD DEBT 60 YEARS OLD 70,000 IN RETIREMENT?
No, enter insolvency if you can, you can protect destined assets and others cannot be condemned to clear creditors. Retirment assets are one of them. If you own a bag you would be meliorate off attractive a mortgage discover to clear down the debt if your home’s continuance exceeds those that you can protect in filing. Why don’t you enquire with a BK professional on what to do most that debt. It is meliorate to ready what can be fortified and enter than to clear primeval retraction fees and provide up your withdrawal savings.
Get advice from a good accountant, not from us.
You can currently retire and pull $10,000.00 per year for 7 years, and I think you will live longer than 7 years after you retire. If you need $20,000, you will need to pull $23,000 to pay the taxes, which will leave you enough to pull $10,000.00 for 4.7 years.—Not a very secure retirement, make the minimum payments to your debts and dump as much money in your retirement accounts as you can while your still working. At the risk of being rude (at our age we need to consider death) if you die with debt and have no estate, no one is responsible for your debt. If you live long enough to pay off the debt…great, but most important is that you can buy food and housing while you are still living.
Yes, interest on 20,000 card debt will accumulate quicker than 20,000 invested.
Pay it!
teacup, at 60 pulling 20k out of 70k is financial crazy. get two more jobs even minimum wages, attack the bills, get a real budget apply it. visit daveramsey.com to learn what not to do. go with knowledge that u can get out of debt slavery.
cashing out ur retirement will cost in up front taxes and long run cash lost. look forward to working in to ur 70’s.
bankruptcy isn’t real option, new laws / costs.
No. Don’t take $20K out of your retirement for those credit cards. That will only leave you with 50K for your retirement; that’s not a lot of money. You might want to consider getting a job that you specifically use all of the money you make to pay off those credit card bills.
You need the 70K to live off of. Even 70K is not a lot for your retirement. If you have not yet retired, I hope that you are still working or are considering continuing to work — you really need more money in your retirement account.
Good luck.