Thank you. I have a financial advisor and he recommends not to take any money from my 401k.
I have a financial planner and he manages my money I was just asking other people for their opinions. During Covid (what a joke) the was a law that you could take money from your 401k and not be penalized but I think that law expired back 2022. I will be good either way and for the smart arse who made the comment about being a typical parent, who judge me when you don’t know anything about me and my parenting skills.

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Posted by DaBeerz

Member since Sep 2004

16989 posts

Posted on 4/22/24 at 8:45 pm to Abundy007

You dug your own grave with the responses, coming out that the loan is in your name at 8% and you don’t want to make payments on it because it is all going to interest…. As if you were somehow held hostage signing this loan and having no idea how it works or how you’ll pay it back with out cashing in your retirement. How did your planners and advisers not tell you how terrible of an idea this loan was? If it was in child name she could do income based repayment and had it made under the dem plan

This post was edited on 4/22/24 at 8:48 pm

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Posted by Pelican fan99

Lafayette, Louisiana

Member since Jun 2013

34813 posts

Posted on 4/23/24 at 12:23 am to Abundy007

It seems like you working with her to both pay it off together would be the most reasonable thing to do here. It could be done pretty quick with both of your incomes

Anything is better than drawing from retirement early to pay it though

This post was edited on 4/23/24 at 12:26 am

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