March 2026 ends the 7 year plan. What are my options on taking the money out. 30k and I am in my mid 60s. I am retiring next year and would like to pay off one credit card to retire debt free. House is paid for.

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Posted by UpstairsComputer

Prairieville

Member since Jan 2017

1792 posts

Posted on 10/18/25 at 10:11 am to sjak

IRA or nonqualified?

How much is on the credit card and at what rate? You can take a distribution and pay off some without penalty.

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Posted by sjak

Member since Oct 2011

94 posts

Posted on 10/18/25 at 11:24 am to UpstairsComputer

Ira. Owe 14k on card

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Posted by UpstairsComputer

Prairieville

Member since Jan 2017

1792 posts

Posted on 10/18/25 at 11:43 am to sjak

Take the 10% free withdrawal so you’re not paying the 29% interest or whatever on the card. Seems there may be other issues here, but without any other information this is the answer.

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Posted by W2NOMO

Member since Jul 2025

1517 posts

Posted on 10/18/25 at 12:16 pm to UpstairsComputer

$14,000 on a credit card?

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Posted by sjak

Member since Oct 2011

94 posts

Posted on 10/18/25 at 1:40 pm to W2NOMO

Yes. New roof and new ac. Only debt I have. I would like to end this 7 fixed indexed annuity just wasn’t sure it’s allowed. So next march can I withdraw all of it. I will be 66 and 5 months when the term is up.

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Posted by W2NOMO

Member since Jul 2025

1517 posts

Posted on 10/18/25 at 1:58 pm to sjak

No other way to finance that card? Was it a 0% transfer? Plus fee?

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Posted by sjak

Member since Oct 2011

94 posts

Posted on 10/18/25 at 3:31 pm to W2NOMO

I am starting social security this January and retiring in august. I could use that money to pay it off. So if I do that can I move the annuity to something else, I really want out of the annuity.

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