Should I Use My Retirement Funds To Pay Off Debt?

Should I Use My Retirement Funds To Pay Off Debt?

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[markmurrell]

Dave, in case no one has ever told you this, you’re a good guy! Thank you for helping people including me!

[msmit]

It's not like borrowing money at 30% like borrowing money at 10% interest. Whether you take the money out now or 30 years from now you still have to pay taxes on it.

[THEBIGLIE]

I disagree completely. I also have seen you disagree completely. You have said stop paying into retirement funds until your debt is wiped out in the past. Why have multiple credit cards at 25% APR and struggle while paying into a 401K that you arent even sure it will continue to rise ??? Take the money out and cut your losses. Try to minimize taxes as best as legally possible and pay down debt I say. You'll get a sense of accomplishment and go on to do great things possibly

[thescorpion]

It's not just the 27k debt, it's the debt plus monthly interest.

[insanity]

You’re so consistent with the uploads! Keep it up Ramsey!

[lstafford]

I was considering doing this just now and this program popped up in my You Tube feed! Yes! Thanks for the information!

[Mr_Magoo_]

There is another scenario on when to pull out 401k. When you have more in the 401k then you will need. Say you have 2 million in a 401K at 40 years old. Why live poor and die rich? Take out a million, buy a house, invest, and get out of debt, enjoy life.

[IamtheGL]

I'm doing that rn, getting retirement refund and paying off credit cards. I'm taking the hit because i need the money.

[stricdesign]

🤯🤯 “Stop!” Paying into your 401k. Doing that now to use it to snowball our debt to buy a home instead of loosing 401k.

[geebee]

Now this video was kind and helpful to that woman.
Kudos Sir to you

[juliemortenson]

She has the cutest voice, second job in radio maybe!

[songbirdsinging]

if your employer contributes to your 401K, please at least save as much as needed to qualify the company match.

[brianbutterworth]

I know Dave's methods have worked for so many but I have such a hard time with the idea of completely stopping investments and extra payments on credit cards, mortgage, etc. I feel like I'd be missing out by not paying that extra $100 on my mortgage each month, or paying that extra $100 on each credit card payment when the minimum is $50. And even though I'm only doing the 5% match on my 401k, it seems like I'd be saying no to free money.

[newmanbroadcast]

If she still young take the hit to pay off debt because then you can earn money then all that earnings will be yours from then on. Phila

[bgibson]

Good advice, less money now and less money or no money in the future with longer you live, if you take money out of IRA, Dave found the money and gave solution to eliminate the debt, success is on the horizon! oh Freedom!

[ericdraven]

27k? I’m about 57k with my car. Just paid off 2 debts already. Halfway with the 3rd

[aphromew]

Stop your 401k? If she get's matched that's a 100% return. C'mon Dave, that's basic.

[toothybj]

Roth IRA *contributions* can be withdrawn at any time…no taxes & no penalty.

[SoCalFreelance]

Actually, tax withholding is like a forced savings account that you get to cash out every year. I actually look forward to tax season every year. And if you don't calculate withholding correctly, or the tax code changes mid-year, you could very well find yourself owing Uncle Sam a large check. I would rather error on getting a nice return than stressing out about needing to find money I don't have to pay a large tax bill.

[DanielGarcia-zzeg]

Put on a truckers hat, run teams, make 70K gross a year while you see the whole country. Least 2 years to pay off debt and put some money in the bank. Then back to local job