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Asked 6/11/2008

Would it be better to cash my 401k to pay off my debts

I am near retirement but have numerous debt. Would it better to cash out my 401k to pay these debts off.

 
 
 
 
 
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Answer 1/1 - Submitted 6/11/2008

That is a tough one.

it really depends on how much you would get a month from your 401k, any early take out penalties, and how much a month your debts are

i'd be inclined to say no, don't pay off your debts with your 401k

 
 
 
 
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