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Me: 46 FWS: 36 Married and Divorced 4/07, Pregnant 7/07,False R 7/07 Baby Girl born 3/08 Kicked him out because OW: 7/08 5/10 He realized what he had and lost. Moved home! REMARRIED 3/14/11!!
My coworker just told me if I close the 401k and take the distribution which isn't a loan, then I don't have to repay it. I just have to pay the penalty and the taxes.
Are you saying that is not the case?
You'll be paying the taxes at your highest tax rate, which in your case, I'm guessing is between 15-25% of your gross income, plus the penalty...are your credit card's interest rates really higher than that? Plus, you'll now have no retirement saved. A ROTH IRA is probably a lot better for someone like you, for several reasons beyone the scope of this DB site. Although I give financial seminars, I'm leery of doing that here. So Ask your financial advisor. Or read up on it online at "morningstar" or read about Vanguard funds. They're cheap, and varied, and on average do better than 80% of the more expensive "managed" funds.
m:51 H:55 M: 30 yrs S25,D23,D15 H goes ALASKAN 05 I file Sep 2/06 Piecing 7/07 M Restored 8/08