Debt Free Destiny

Are you behind on debt with no way out?  If you are like many who are in this position, you have looked at every option that you have in order to try to get out of debt.  One of the things that you might be entertaining as an idea for retiring debt is raiding your taking money out of your retirement until you first do these things.

Can you get to it?  If you are still in your job that is contributing to your 401k or retirement plan, you might not be able to get to the money by just making a plan withdrawal.  You might be able to take a loan, but that has limits and restrictions.  Plus you have to pay it back out of each paycheck.  And, you are restricting your retirement planning by doing so.

How much is your debt?  If your indebtedness is overwhelming you (in the tens of thousands of dollars), and you have performed all of the activities above and find that you still are in trouble, then you might be a candidate for this action.  Assuming that you can get to your retirement money, if you can make a significant dent in your debt and avoid legal actions by doing so, it might be worth pursuing.  Before you do, however, you must craft a plan to replace the money as soon as you can after taking it out.

How much is your retirement worth?  If you have significant retirement funds from which you will only be taking a small percentage, then this might be an acceptable method for paying down debt.  But, only do it as a small part of a larger plan.

What is your age?  If you are close to retirement, then this is not a path that you should consider.  Your retirement will be adversely affected by taking money from your retirement plan to pay debt.  All other options must be attempted before this is even a possibility.  If you are younger (in your 30s or so), then this will have a lesser affect on your retirement, but again you need a plan as to how you are going to replace the money that you remove from your retirement before proceeding.

What is your plan for afterwards?  If you move ahead and use your retirement, then you need a plan for what happens next.  How will you fund additional money into your retirement?  What actions will you take?

Do not go into this lightly or without consulting financial experts. You be glad that you did.

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