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Updated over 5 years ago,

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Paul Johnson
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Should I use 414h money to pay off cc debt

Paul Johnson
Posted

I'm just about 62 years old.

I have $266,000 in a 414h account.  This is like a 401k but for government employees

I have 50k in assorted credit card debt.  

cc interest ranges between 14 and 22%.

My salary is just under 100k a year.

I want to retire at 66 and 4 months old or sooner

I've got another 200k in equity in my home.

I already get a pension of $530 a month

My question is - the payments on my cc debt is over 1000 a month - should I take a 50k disbursement from my 414h account and pay off and wipe out this debt?

Open to any and all advice on this matter - thank you in advance.

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