Don't use your 401(k) to pay off credit card debt, says 'credit junkie' with an 800+ score who tried it once The new coronavirus stimulus package will allow Americans to withdraw from their 401(k), penalty-free. Here's why you shouldn't do so to pay off credit card debt. Updated...
Retirement Fund- How can I use a 401(k) to Consolidate Debt? Just because you have money in your 401(k) doesn’t mean that you can use it. Check with your plan administrator to find out the rules and restrictions for accessing the funds in your account. Company Contributions Excluded On...
DEBT QUESTIONS: Should I Tap My 401K To Pay Off My High-Interest Credit Card?Kate Shapiro
Which is really the better option – Should I pay off my mortgage early, or look for higher yielding ways to use my money responsibly (like investing it, paying down down debt, etc.)? It’s a financially responsible question I believe most people ask themselves at some point; especially w...
If your intention for taking out a 401k loan isn’t debt reduction, but a house down payment, then I would also advise against it. Take an extra few months to save up the money. Prove it to yourself that you’re ready for that home. ...
Explore Other Options: Consider budgeting or part-time work to pay off debt. Seek Financial Advice: A specialist can help align debt relief with retirement goals. If you have a lot of money set aside in your 401k, should you be using retirement to pay off debt? As you are looking at ...
401k Savings By Age:How Much You Should Have To determine how much you should have saved in your 401k by age, I've come with some assumptions that have encapsulated in a chart below. The goal is to accumulate as much in your 401(k) as possible to that by the time you can withdraw...
The challenge isn't how to make more money, it's how to make and use money to live a life you love, with time and space for yourself. And that's the heart of Millennial Money: stop hustling yourself into a breakdown and stop wasting time by managing money poorly. ...
it can make a lot of sense to pay it off in one shot with a 401(k) loan and pay yourself back at a lower interest rate. If, on the other hand, your credit card debt is the result of profligate spending, you should make the tough choices necessary to make sure you have your habi...
My long-term goal is to reach financial independence (FI) by 60 with a combination of rental properties and my 401k. I’m eager to start on this path, but I want to be responsible while I still owe six-figures in student loan debt. What should I do?