No. of Recommendations: 0
Hi all,

I have a very little IRA I started a year or two ago that has $302. I also have in the neighborhood of $20,000 of debt (credit cards and car loan). I'm wondering if I should withdraw the money and take the penalty to start my mini e-fund and snowball payments.

I am contributing 6% to my 401k, taking full advantage of the employer matching (50% up to 6)... my 401k has a few thousand dollars in in already and I'm just coming up on a year with my employer. I am surprised how fast it has grown, and the $300 IRA now seems very small.

What do you think I should do?

Thanks for your help,
Smurfette

PS - I'm a young and single (no dependents or partner), if that makes a difference.
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement