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FFagundes | Should I take out some of my 401k money to pay credit card debt? |
I'm 28. I make 42k a year. I have 6500 in my 401k. I have about 4500 worth of credit card debt that I'm finding hard to pay off. My question is this.
Can I take the money out (not doing a loan)?
I know I will pay some penalty for taking it out, I think 10%. But how much will I pay in taxes and when do I pay that taxes?
Please post very simple response as I don't want to be confused.
Thanks |
 |
 
Frequency
|
Yes take it out pay off your credit debt then take what you were paying as minimum and pay it into your 401k to reduce the penalty. If you are able to pay back the entire amount over time (before the end of the year) you might not be penalized. That is not a loan, that is benefit some 401Ks provide.
Don't forget its not just a penalty that you will pay but you must add the amount you took out to your gross income and that could increase your tax bracket, so you might have to pay more in taxes. So make sure you add the amount to your Salary/Gross Income and look into a tax table to understand your expected tax. Consult your paychecks or payroll department to find out how much you have taken out. Subtract it from your expected tax and get an idea of what you'll need to plan for, for taxes.
Owning a 401k or paying into a 401k is not pertinent if you have credit debt at 15+% interest, especially right at this moment. Trust me when I say you can make up your debt investment 100 times faster without Credit debt.
Good Luck. |
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amandafofanda66
 |
No. Do not touch you 401k for ANYTHING. Leave it there and forget about it. It's off limits. |
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curtisports2
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DO NOT DO IT!
$4500 in credit card debt can be paid off in 12 to 18 months by taking a second job at minimum wage working 15 hours a week. $90 a week gross, say $80 clear, put that $80 against your debt AS SOON AS YOU GET PAID. It reduces the principal faster and saves you a lot of interest cost. You will be putting about $350 a month (4.33 weeks per month) and in 18 months that adds up to $6300. At 20% interest, your $4500 would become $5400 in a year if you paid nothing, and you won't be paying nothing. You'll have this debt cleared up quickly, and even sooner if you can do better than minimum or work more hours. Life won't be as fun, but that's one of the consequences of living higher than you can afford to.
Pay the tax on that extra income instead of paying the tax and penalties on the 401K money. And, besides having to pay that big chunk of tax all in one year (plus the 10% penalty), you'll be losing the future investment potential, all tax-deferred, on that money if you take it out now. That $4500, at age 28, left until you're 58, will turn into a huge sum of money. It may not look that way this minute, but the market should have no problem returning 7% a year over the next ten years. At that rate, your money will double. Over 30 years, it will have doubled again, and then again. How does $36K sound, just on the $4500 you leave alone?
DO NOT TAKE THE MONEY OUT! |
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Ruby
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nope it wills uck
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Caleb
|
t's no secret that credit card debt has become a major problem facing our economy today. If you're one of the millions of consumers suffering from major credit card debt, then you're probably desperate to get your massive bills under control. But the options seem limited; you probably think that it's almost impossible to make your paycheck stretch enough to get a handle on all of your debt. It can be easy to let credit card debt take over your life - don't let it! Whether you had an accident and had to live off of your credit cards for a few months, or just weren't smart with your debt, there are ways that you can control your debt and pay it down - without asking your boss for a 50% pay raise! Here are the best tips for credit card debt consolidation. Put down the credit card.
http://www.worldbestloans.com/bad-debt-credit-card.htm
http://credit-cards.awardspace.com/
It may seem like common sense, but if you're still charging purchases, you will never escape your credit card debt. Hide your credit cards and use your debit card to make your everyday purchases - you'll soon spend well within your budget! Cut down on luxuries: Do you eat out for lunch everyday? Do you absolutely have to have that four dollar latte every morning? Luxuries like these are exactly that - luxuries. When you're trying to get rid of credit card debt, you have to give up a few unnecessary luxuries. Try bringing your own coffee to work, or make lunch at home. The peace of mind you'll have once your debt is gone will definitely be worth it. |
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SusieQ
 |
You will pay regular income taxes on the amount withdrawn plus 10% of the amount withdrawn. That's an expensive withdrawal, but if the credit card debt is really hurting, this is one option. BUT, it should be your last option. Look for other ways to pay the debt. Another job, another type of loan. And whatever you do, don't run up this kind of debt again. |
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Sparks
|
Call the Principal and get some real advice. The numbers your looking at are way off. Your going to take about a 33 percent hit right off the top of that 6500.00 and then, your going to be debt free and starting all over on your 401k. Check with the Principal or whomever is in charge of your money. You have a great idea, but it wont work out exactly the way your asking your question. |
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MM
|
Try not to take the money out of your 401K because the tax is high. For instance it you take out 1500, 300 goes for tax and then there;s a distrbution fee, about 65.00. So it's best to try to pay this debt without taking it from your 401K. |
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Many G
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Look here. It helped me.
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|Faith|
 |
no the penalty is not worth it you"ll end up losing money |
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proke
 |
smarter to take out a loan, keeps money in 401k, less taxes |
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SwizzleStick
|
Another option, if you'd rather not tap into your 401K would be to call your credit card company and ask if they will lower your interest rate. It is worth a shot. You could also look into transferring your current balance on your card to a different card. Alot of credit card companies offer very low interest rates on transfers. Check into it. |
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src50
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No! Leave what you have there. You'll lose 35% to tax and penalty. |
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ut.soccer
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Just multiply how much you have in by 10%. Best thing to do is to call the company that is in charge of you company's 401k and talk to them. You can do it, but there is a lot of red tape involved. |
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T J
|
Yes, It would make sense to cash it in and to pay off the card debt - but not if you intend to charge it up once again. Also - you can tell the company that will be sending you the check you wish the taxes withheld - I suggest you have them withheld and then you will reconcile it when you file your 2008 taxes in early 09. Depending on where you live you should expect/figure on a dent of 30% to cover the penalties and taxes. Hope that helps. |
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williamebales
|
Dear Investor,
I have recently done the same thing. I had Fidelity. The answer is Yes you can withdraw your money. But let me give you an example.
I had 1700 dollars in 401K. I had to close out the 401K to get all of it before it was fully vested. I was 2/3rds vested. Which meant that they took approximately 400 dollars back by prorating it to the end of the year. Then they said to make sure to cover all taxes, they took out 20%. I got a check back for approximately $1173.00.
But here's the thing. If you are able to put back that money by way of Catch up 5000 dollars via the end of the year, then all the taxes would be refunded until you closed your 401K again.
Those taxes are taken out in FULL before you get your money.
Also, if you call them directly, Fidelity sends the check to you within 48 hours. I got my check in two days.
Depending on who your investment is with, depends on their rules and regulations. But I believe that most are about the same.
As far as what you should do.
It is my opinion that paying off credit card debt is better for you in the long run than having that in a 401K. The interest on your credit cards are worth much more to collectors than your 401K amount. If you had more than $10,000 in your 401K, then I would have said keep it in there. Besides, if you make 40K a year it won't take you too long to get that back. but paying off credit card debt and late fees and interest that compounds itself all the time, and hurts your credit rating causes more ill effects than just paying it off in full. And cutting up your cards.
Atleast when you start fresh with your 401K, you are starting fresh with a great credit rating.
Do yourself a favor and "protect it".
Your life depends on it literally!
Signed, |
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Francisco C
|
I'm making an average of $700 a week
for 2-3 hours a day at my PC, if thats
enough for you you can get info from
the top of this website for free:
http://www.bpcf.com
Bye
Sara
xXx |
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JCoco
|
no |
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HooYaa
|
lol damn, well gl |
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Ally
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yes it is better to pay it off now than when you don't have the money :) |
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Callie J.
 |
Definatelyy, Debt is not a fun thing to be in, It WILL get worser and worser if you keep putting it off 2 the side. |
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Aaron G
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yes |
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Ashley D
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yes. simple enough?? |
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Jetglam
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maybe ask a family member who knows alot about that, but alot of my friends have been doing that, im in credit card hell myself |
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