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CJohn

Weeknd Official Est: Apes 2 - 73M | Friday Numbers and Saturday Numbers on Page 1

By CJohn, in Numbers and Data

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MrPink Global Phenomenon

MrPink

Posted
Posted

What? I'm no financial planner, but no. Keep your 401k savings. Let it build for retirement. Just plug away at your student loans. Consolidate 'em into one package (if you haven't already), and take advantage of low(er) interest rates and take your time paying 'em off. You get to write off the interest anyway.

 

Yes. Not smart unless you look forward to putting yourself in a higher tax bracket AND taking a 10% penalty on anything you distribute to yourself which will wipe out most of your benefit you get by avoiding interest on those student loans.

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Dementeleus Cinematic Universe

Dementeleus

Posted
Posted (edited)

I know, I know, people say it's stupid but I consider the following.

 

You get to write off only $5,000 per year.

I've consolidated as much as I can but still have three separate bills.

"Low interest rate" of 8% is still a bitch when the balance is $60k+

 

The way I see it is I'm 25, I have another 40 years to re-build my retirement savings, this will free up serious capital while I'm still young enough to enjoy my life and who knows I could die before I retire anyway.

 

:)

 

8%! Damn. Well, who am I to tell you how to spend your money? Edit: listen to Pink! :)

 

I will say that I didn't really bother doing much retirement planning earlier in life (and didn't have the sort of career that offered 401k's), and in retrospect I wish I had been more aggressive about it sooner.

Edited by Telemachos
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Cmasterclay Global Phenomenon

Cmasterclay

Posted
Posted

I've had a 90 percent ride for college so far....and I'm STILL over 20,000 in debt just from that 10 percent or so. Fuckin GW man. Lot of money for freezing cold and no diversity.

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#ED Global Phenomenon

#ED

Posted
Posted

Very little. We don't offer 403B plans here, all I know is that you can roll them over to 401ks :)

I'm under a 403B. I'm sure it has something to do with our company being non profit.
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rockNrollaDIM Global Phenomenon

rockNrollaDIM

Posted
Posted

Yes. Not smart unless you look forward to putting yourself in a higher tax bracket AND taking a 10% penalty on anything you distribute to yourself which will wipe out most of your benefit you get by avoiding interest on those student loans.

 

I don't view my 401k balance as real money though. Right now it's "in the cloud" so to speak, and 60% of it wasn't even contributed by myself. So I don't care about the penalty fee.

 

The point for me is to get rid of some large monthly bills, that will provide immediate financial relief and help me pay off the rest faster.

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