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Investing/Strategies / Retirement Investing
|Subject: Re: Company SOLD!! - My 401K !!?||Date: 4/3/2007 4:59 PM|
|Author: Dwnwthvwls||Number: 56557 of 78012|
Roll it into an IRA and use your income to pay off the short-term debt!
I understand the psychological impulse for eliminating "the short term liability's hanging around your neck", but I've learn that it's usually best to take a calm, calculating, rational look at money.
How much is the 10% penalty hit relative to the savings from eliminating the short-term debt?
Have you considered taking out a loan against the 401K?
Does it have to be an all or nothing approach? If you're intent on tapping into your 401K for short-term debt relief, then tap only enough to eliminate the highest costing debt.
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