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Reply to "Reducing 401(k) contribution -- s/o"
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[quote=Anonymous]Please help me get a sanity check here, and no snark would be appreciated. :) Due to circumstances beyond my control, DH and I are financially tight. Our debt payments are very high (medical expenses among other things) and the stretch is causing us to fall behind. We no longer have an emergency fund. I was thinking that I would stop 401(k) contributions for a year and use that money to get back on track. But looking at my 401(k), it's really made a lot of money over the past year. If I look at the amount of money it's made over the past year, plus my company contribution, I think I actually do better by several thousand dollars making a withdrawal and paying the penalty/taxes and keeping my ongoing contributions. Plus I would still be paying down some consumer debt at a high interest rate that's making us so squeezed. I know it's not ideal under any circumstances to do this. But do you see a flaw in my logic?[/quote]
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