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hope you can understand this
| Sat, 03-04-2006 - 6:11pm |
my DH has 3 retirement accounts. One is from a job he was at back in 85 to 93. He has another one from a job after that that he was at for 5 years and the job he is at now has been there 31/2 years is really good reterement they macth what is taken out every payday.
Here is the thing I was wondering if it was possible to take the money out of the first one and use it to pay off a 5,000 credit card balance. Would be great to get rid of this or should I pay off cc with 1,717 balance and close out this card (Discover) and then put the balance on the other card. This is something that came to me in the middle of the night. Perimenapause thing so I don't sleep well. What do you think or can it even be done. Also the job that he is at now he is planning to stay at till he does ret. in 17 years he will be able to or can stay longer. Thanks
Here is the thing I was wondering if it was possible to take the money out of the first one and use it to pay off a 5,000 credit card balance. Would be great to get rid of this or should I pay off cc with 1,717 balance and close out this card (Discover) and then put the balance on the other card. This is something that came to me in the middle of the night. Perimenapause thing so I don't sleep well. What do you think or can it even be done. Also the job that he is at now he is planning to stay at till he does ret. in 17 years he will be able to or can stay longer. Thanks

He could see about rolling the 2 old accounts into an IRA and separating them from the old employers. But to answer your original question -- paying off credit cards with money that was tax deferred in the first place and would now cost you a lot in taxes and penalties is a really bad idea.
Megan
over 40 and tired