Reply to Tsp hardship withdrawals RIF

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]What is your monthly burn rate? That is the amount you must spend every month on mortgage and other fixed bills, minimum groceries, etc. but does not include any discretionary spending or dining out?

What is the net take home per month for each adult, after taxes, retirement and insurance are taken out? What is the net take home for the non-riffed adult?

Without knowing these numbers we can't really help you. You should know these numbers off the top of your head, and if you don't, that's part of the issue right there. [/quote]

Mortgage : $5k
Health insurance: $500 (this will jump when RIF)
Car payment: $700
College tuition:$5000

After tax
Earner 1: $8k
Earner 2: $7k[/quote]

So the college tuition is a huge red flag. You don't even really have enough money with 2 incomes to be forking over $5k a month in college tuition. That's 60k per year alone. A family making $300k with 3 kids and $100k in a 529 has NO BUSINESS signing a kid up for a $60k/year college. NONE. What are your utilities? Cell phone bills? Grocery bills? I honestly don't see how you aren't in the red already every month.

Let's say the $8k earner keeps their job. $5k/mortgage. $700 car payment, $500 utilities (?), $1k groceries. That's $7200 right there and doesn't include an increase in health insurance or a single activity or unexpected expense. And certainly doesn't cover $5k in college expenses. No sane person earth would advise you to withdraw retirement funds to pay for college. Nobody.

You and your spouse (and probably your college aged child) need to have a "come to Jesus" meeting. You need to make MAJOR changes and now.

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