Know-how
Should I Pay Off My Debts With My Retirement Account?
Oct 31, 2023
Using retirement funds to pay off debt can provide an immediate debt reduction, save money on interest payments, and simplify budgeting. However, it can also result in taxes and penalties, reduce retirement savings, be difficult to replace, and lead to more debt. Alternatives include budgeting, negotiating with creditors, or seeking professional financial advice. The decision should be based on carefully considering the individual's financial situation and goals