Open Question: Should I cash out or save for retirement?What would you like to ask?

5 January 2009, 9:05 pm

Two years ago, I left a job which provided teacher's retirement for state employees. I left my employee contributions $12K because I thought I MIGHT return to a state employer in the future. If you don't touch it and return, it continues on where you left off. Very little interest is accruing, it is just sitting there at this point in time. I decided to get rid of CC debt this year and I am wondering if I should cash out and use this money to pay off my debt. I have no immediate plans to go back to a state employer, but I wonder if I am doing the right thing. If I go back and work another year, the money would double, since I already have 4 years. However, my CC debt is growing each day with interest. I have approx $20K combined in my Roth IRA and my 401K. So, I will not be completely wiping out my retirement fund. I am also 32 years old, so I do have time to save, but I am not that young either. Any ideas??... Read More »

More Topics from "Answers"

• Open Question: Calculating Annuities?
• Open Question: Stop apporting to retirement plan in order to generate more cashflow ?
• Open Question: How much interest did this plan pay you over the 30 years?
• Open Question: First Time Travel tips for Southern Spain?
• Open Question: Temporarily stop contributing to my 401k for home purchase?
• Open Question: Poll- Do old people talk about the weather or where they went out to eat more often?
• Resolved Question: President Bush signs a bill PROTECTING LGBT people...?
• Open Question: Do you have a pension set up through your job? Also if so do you also have money put into another source?
• Open Question: Should I cash out or save for retirement?
• Open Question: 401k early withdraw advice needed?
• Open Question: Any one please suggest some of the good saving plans for retirement in india?