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Reply to "Cashing out 401K to payoff mortgage"
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[quote=Anonymous]Some folks on this thread have been talking about investing in rental property and distrusting 401ks. Those posters have usually presented what seems to me to be well-thought-out plans. I think the difference with OP's situation is that she/he seems to have gotten in too deep due to lack of planning. In that case, withdrawing funds from a 401k seems foolhardy because it doesn't seem as if OP and family will make the necessary lifestyle adjustments to deal with the real problem. I say this as someone who once bought too much house and had too much debt and was tempted to take money out of a 401k to deal with it. Fortunately I had the kind where you couldn't withdraw the money when you were changing jobs or I would have done it. The real problem was our lack of planning and our aspirations to a lifestyle we couldn't afford. Thank god we survived those days and learned from our mistakes. [/quote]
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