Tapping my IRA for credit card debt
I am just hitting 59.5 years and now eligible to withdraw from my IRA penalty free. Should I tap my IRA funds to pay off outstanding credit card debt? Or use $ I would contribute to a work 401K to keep paying them down.
Terry Says
Those are both bad choices, so I would suggest having a consultation with a trusted, non-profit credit counseling service. Call the National Foundation for Credit Counseling at 800-388-2227. Do that before interrupting your retirement investments. One day you’ll need that money to live on!
