Welcome! | Ask A Question
Asked 7/2/2010
|
I'm losing my job should I pull out my PERS(Ohio) and pay all my bills off or should I roll into over in my new Job 401k if that is possible (P.S I'm 30yrs old) My new job is about half of what I use to make at my last job so I want have enough money to cover my bills |
Answer 1/1 - Submitted 7/2/2010
The answer depends on what bills you are paying. If these are credit card bills, and you are paying high interest rates, then I would pay them off in full, and get rid of them a do NOT get new ones. If these are your monthly bills, like utilities and food and other monthly expenses, then this kind of fix will only be temporary. If they are medical bills, and you are paying the doctors or hospitals directly, and they are not charging you interest, then I would not cash in your retirement plan money to pay them. You would be better off to lower their payments.
So, if it is credit card debt that is costing you more than you are earning in interest on your retirement account, and yes ESPECIALLY, if you can make the credit card debt go away, and now you can manage your monthly bills at your new lower income rate, that would be a good thing. Then start a new retirement plan, as soon as you can, even if you only put in Ten Dollars a week. You do have many years ahead of you to make up for it, but please don't forget, as you may not be able to count on Social Security by the time you retire.
Type your Answer in the box below and post your answer.
I've changed jobs and want to roll over my 401k from my old job to the 401k at my new job. i've got 10 years invested in the old 401k and i'm 100% vested. when i tried to roll it over, the broker who manages the 401k account for the company i used to work for says it can't be rolled...
My husband recently passed away and we did not have much for life insurance. he has a 401k from his job that i will need to rollover into a new plan, but i really could use the money to help pay some bills. can i use the money with out a large penalty or paying taxes?
I never contributed to the 401k-so it's growing very slowly at this point. i was hoping it would be enough to get me out of a bind. i'm just afraid of losing a lot of it. approximately how much would the income tax be on something like this?
|
I've changed jobs and want to roll over my 401k from my old job to the 401k at my new... |
|
My spouse recently died. can i use his 401k that he had with his job to help pay bills? My husband recently passed away and we did not have much for life insurance. he has a 401k... |
|
I never contributed to the 401k-so it's growing very slowly at this point. i was hoping... |
|
I lost my job about 9 mounths ago and have been paying into my 401k benifits and would like... |
|
Can i use my 401k to pay the amount i have to pay my husband in a divorce? My exhusband quit his job when he found out i was drawing social security. now i pay the... |
|
I will be leaving my job next week and want to get my 401k money. can i do that? I do not want to roll over the plan, i just want my money. i am 100% vested. i know there... |

Ask A Question
Ask a new question about
401k: