Hi All -- 1st time here -- I recently moved out of

Hi All -- 1st time here -- I recently moved out of the US and in doing so, am no longer able to contribute to my 401k. Since it's just "sitting" there and I'm not contributing, I'm curious if this is the 1 time I should cash out and pay off my debt. The way it stands now, I am paying my cc's, the interest, and the wire transfer fee each month. Assuming a 10% withdraw fee, I'd save bout $2400 over my current cc payment structure. This of course, is without factoring in the ups and downs that my 401k can go.

1 Answers

You can use the money in your 401k in order to pay off your debts. But if you do so, you will actually jeopardise your after-retirement life. Also, taking out money from your 401k before you are 59 and 1/2 years old will make you liable to pay penalty.

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