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DEBT Payoff

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Guest	Posted: Sat Mar 13, 2010 7:40 am    Post subject: DEBT Payoff Like 0 Dislike 0 I am 56 years old. I have more than 85 thousand in credit card debt. I have a mortgage I'm paying off. I have a ROTH with Putnam that for more than 10 years has fluctuated around the 12 to 13 thousand dollar in value mark. I stopped adding to this ROTH when I began working at a company that offers a matched 401K. Since this ROTH is basically hovering and not earning anything, I'm thinking of taking out 10 thousand and paying off that much in credit card debt to help me maintain monthly payments. As things stand I can't make the monthly minimum payments and reducing the debt load by 10 grand will help me. Your thoughts please. Barley Makingit
jameshogg Joined: 20 Dec 2005 Posts: 10460 Location: Nevada 987.57 Dollars($)	Posted: Sun Mar 14, 2010 10:18 pm    Post subject: Like 0 Dislike 0 Hi Guest, As far as I know, there are some reasons that qualify for early withdrawals from Roth IRA without the 10% penalty. Some of the reasons include the following – death, court-ordered divorce proceedings, permanent disability, extraordinary medical expenses, up to $10,000 for home purchase, leaving the job and over 55 and higher education. If you have some other reason to withdraw the money, then you may have to pay a penalty of 10%. Thanks

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