Police officer in Washington State since 2010. B.A. in Law and Justice (same as criminal justice).
I currently have approximately $9,000 in two old 401k's through Fidelity and John Hancock from previous jobs. My current job has a 401a plan (an alternative to social security; we and our employer pay into the account instead of paying social security taxes) where I can take out a loan against the account and pay it back with a good interest rate. The interest paid goes back into the account.
I currently have about $12,000 in credit card debt that I want to get rid of. The 401a account has about $20,000 in it. I am allowed to withdraw a loan of about $9,000 to pay towards that debt. The payments for this loan come directly out of my paycheck and can have a payoff period of about 36-60 months.
I have a few options and I'm trying to figure out which one is best. Which one do you think is the best option?
1) Cash out my old 401k's and put them towards my credit card debt, then take a smaller loan out of my 401a to pay off the rest. My question with this would be what kind of immediate taxes would I need to pay and what taxes would I pay next year?
2) Roll the 401k's into the 401a and take a large loan against it to pay off the debt.
3) Do nothing and pay off the debt normally (which will take a long time in our financial situation).
Additional info: I'm 27 years old, can retire with a decent pension at 53, and will be contributing to a deferred comp plan after deciding on one of the options. Pre-tax income is around $115,000 filing jointly with my wife.1 AnswerPersonal Finance6 years ago
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We've had everything pretty much exactly the same since moving into the house. We didn't change anything that should be causing such an insane amount of water or electricity usage.
There are no new fees, deposits, etc. on this bill. We are only being charged for electricity and water. I checked our water meter to see if the dial was still going even with all the water inside the house shut off; the need wasn't moving, so it's unlikely we have any leaks. The house had a great inspection report prior to us buying it with no noted electrical or water issues.
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