NW Iowa. / SW Arizona | Bruce NW Ia - 7/4/2020 06:10
Two more things which haven't been mentioned yet:
1) Interest rates are at historically low rates now. If you are able to somehow figure out a way to get that debt down without tapping into the retirement funds, a good deal.
2) On the other hand, tax rates are lower now than they have been for a while, and if the Democrats get the majority next November, I am scared that it will be "Katie, barr the door" time regarding tax rates, so pulling that retirement money out now might be the smart move.
Bottom line: do whatever it takes to allow you to, as you say, sleep well at night. Best of luck to you. Bruce.
Your number 2 scenario Bruce is what really scares me. We have some very good friends from Washington state that we associate with down in Yuma. I talked to him a couple days ago on the phone and we talked briefly about politics. He brought up that fact that Biden was on the right track of doing away with ALL of Trumps tax cuts and actually we actually need to raise our taxes and our friends were 100% in favor of doing this. Despite our different political views we do remain very good friends. |
Taking money out of 401k with no penalty??
