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Reply to "Is it ever a good idea to use retirement money to pay off debt?"
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[quote=Anonymous]OP, do not do it. Retirement is protected-- if you every run into trouble with debt/bankruptcy, that asset is yours and no one can touch it. Also the penalties will take half of your money if you take it from the account. Why would you do that? Just give 40-50% to the government? Agree that $13K is not very much debt in the scheme of things. I would try to roll it onto a low-interest card. You could also borrow from your retirement to pay off the cards; not my favorite option but better than cashing it out entirely. Can you consolidate that debt with a debt counseling service (a nonprofit, not one of the for-profit scammer ones!). They can usually lower the payments/interest for you so you can pay it off sooner. GL and please don't touch that retirement nest egg. [/quote]
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