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yjpper | I am in debt. Should I cash in my IRA to pay if off? |
I am 46, single. I have about $18,000 in an IRA. I own a home with probably $35,000 in equity. I have been trying to start a home business and I have credit card debt of about $20,000. I am struggling to pay the monthly payments and my regular bills.
Should I cash in my IRA to pay off the credit card bills?
Additional Details
I read once not to get a home equity loan because if you couldn't pay it, they could take your house. ??? |
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cigarbat
|
Easy, fagettaboutit.
The penalties and taxes are probably much greater than the interest on the Credit card.
Secondly, if you end up going Bankrupt anyways, you'll get to keep your IRA (in most cases).
As far as the home business, it sounds like you didn't capitalize it very well. If you don't have enough to in start up money you'll probably lose. Which is why most businesses fail within the first year.
Start looking for a job.
IT's very hard to give advice on the Home business as we don't know what it is. Sounds like you need to put it on the back burner while you get your self together.
But don't feel bad, I failed at so many businesses I can't keep track. BUT, the last one was an outstanding success.
The only failure is someone who never try's anything. |
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moyabro
 |
YES You Should pay it off and you should then be able to afford the monthly fees... you shoudnt start a home biss. until you payed the othe $2000.00 on your credit card off... you should not start the biss.. rite now i dont think your credit can handle it if you are strugle with bills... |
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boo'sworld
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You should check with whoever you have your IRA with. early withdrawals may result in paying more in taxes. Credit cards are easier to pay off than the governments interest, penalties, and fees. You state you have about $18,000 in your IRA, and $20,000 in credit card debt. You will still owe on your credit card, and set yourself up for no $$$ for retirement.
I did an interest only home equity loan to consolidate my debt. If I default yes , they can put a lien on my house. I chose this way because it costs me 1/3 less than the credit cards payoff. Its also tax deductible. I also tore up and closed out my credit cards. I also choose to have only the basic service for awhile. The payoff in the end....Excellent credit, and money I can keep putting into my IRA, and my sanity. |
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sgirl
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no. only as a last resort.
i wouldn't do the home business until I was out of debt. do you have a job? can you make more -- is it time for a raise? if you're currently employed, I'd just cut back on expenses, and pay off the 20K. I also wouldn't tap into home equity -- what good does equity do if you tap into every few years?
check out daveramsey.com he's a "get out of debt" kind of guy. |
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Cat
 |
If you cash out your IRA, you will owe $2000 early withdrawl penalty. PLUS it will become taxable income. If you're in the 28% tax bracket, that will be $5600. Making a total of $7600 that you'll owe Uncle Sam. If you're in the 15% bracket, then you'll have $3000 in income tax, plus penalty, for a grand total of $5000 out the window to the Government.
I would try to consider selling other things before I threw away that $2000 early withdrawal penalty...
Or finding other things in my budget to cut. |
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blogger
 |
I would not get your IRA out because that is your retirement , you should try debt settlement or debt consolidation first because it would be a better option specially at your age and starting your business. check out this two sites they will give you a free analysis and see wich one is the best option for you. Good luck
http://creditfinancialservice.com/
http://creditservicesolutions.com/ |
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Cepheus
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No! Firstly, let it be known that I'm sorry you're in debt, don't get me wrong, it's not good and I'm not happy about it, but I have to be adamant that you do not cash in your IRA. It may seem like a good idea right now, but that money is going to be much more important in the future. There are many ways to get out of debt, or at least lessen the pain, obviously you can talk to your credit card provider and see if there is anything they can do to extend the loan (reduces monthly costs.) Also, try to re-evaluate your living status, is there anything you can cut back on? Anything you can live without? Getting rid of the "want" expenses will help you pay off the "need" expenses. It's hard, but sometimes it's the best thing to do. However, the last thing you want to do is to cash your IRA, when you hit 65 or so you're definitely going to regret not having the money around. |
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mudbug
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you might cash in the IRA to pay off the credit card. Stop carrying the credit card.
Be aware that you will be assesed an additional 10% early distribution tax/penalty if you tap into the retirement money ($1,800) unless you meet an IRS exception. call them to see if you do. |
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Scott v2.0
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Probably not the best option. The taxes and penalties for taking it out of your IRA early are hefty.
Have you considered a home equity loan? |
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Em C
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That's a tough call. If you cash in your IRA you will be responsible for income taxes as well as a 10% early withdraw penalty. That will leave you with a lot less than the $20,000 in credit card debt that you currently have. That also cleans out your retirement account assuming you don't have any other retirement savings?
What about a home equity loan? Yes, it is true that you will be then rolling your unsecured debt into one secured by your home but sometimes that is the only option. |
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