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Old 05-12-2018, 02:48 PM
 
17,645 posts, read 12,272,160 times
Reputation: 12883

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Quote:
Originally Posted by Led Zeppelin View Post
He said it was a 403b in the first sentence.

Yeah I can read and understood that just fine in the op.. What I didn’t see was roth 403b which is why I specifically questioned you on it, not to mention the inaccurate advice that followed
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Old 05-12-2018, 06:09 PM
 
1,668 posts, read 1,838,198 times
Reputation: 3738
Quote:
Originally Posted by RunD1987 View Post
Hi, I am considering withdrawing from my 403B to clear out my credit card bills. I had a 2 yr plan to pay them all off. However, paying $10K a year for school and holding off for the 2nd year n half of school to pay it with financial aid. So that way have 0 cost when I finish school.

Plan would be I am paying way above the min. on my credit cards. Was debating to apply to a consolidated loan for $300 a month for 24 months with a 7% interest rate. However, thinking of keeping my credit cards and paying the minimum. With that said at the end of each semester be eligible for $2100 from work (Total of $4200 a year). With the $4200 and my 403B could pay off my credit card debt completely by June 2019.

Question is it a smart investment...Now I know it is taboo to touch a 403B. My thinking is this going to school for nursing I plan to be done by the time I am 33. Plan on staying in the nursing field till I am 70. That is about 40 years! Also possibly looking at doing 20 to 25 years in the military as a nurse hopefully is my long term goal. Even if that doesn't pan out when I do start out as a nurse will be making 30 to 40 percent more a year. Figure in a 30 year time frame I will be making close to 92% more if I worked 30 years at my current salary base. That is a lot to contribute to a 403B in 30 years.

I don't believe I be losing out in retirement funds if I withdrew now. I still have to meet with a financial adviser before I can withdraw. However, still seeking some feedback on this thought process.
As a matter of principle, this is the worst possible solution you can have.
Plus, it will not help your problem.
Try not to become a debt donkey. Get a part time job at the hospital. Suck it up - everybody else does and it is not forever.

Good luck in nursing school. Take on lots of OT while you are relatively young, to pay off your debt and to sock away for retirement.

Good to hear you posting about something other than how the state should raise others' taxes to fund
your individual priorities.
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Old 05-12-2018, 07:14 PM
 
Location: Mount Pleasant, SC
1,795 posts, read 2,305,368 times
Reputation: 1270
Quote:
Originally Posted by RunD1987 View Post
Plan would be I am paying way above the min. on my credit cards.
RunD: Please pardon that I'm not going to address your ultimate question, but instead, I need to address the quoted part. Need to, for your long term financial health (and overall happiness).

You seem to think that its admirable or noteworthy that you are paying "way above the min. on my credit cards." The sooner you find it troublesome, distressing or shameful not to be paying off your credit cards in full every month, the sooner you will be successful in life. And let's face it, that's the goal of education and righteous living. You chose your own definition of successful, of course.
I wish someone had said this to me when I was your age. I learned it mid-life and it was a gift.
You can list all the reasons you can' t pay off your cards monthly, but no reason will change my viewpoint.
And if I sound unreasonable or without empathy, please know that I am a woman who has had ups & downs financially as I fight stage 3 cancer - incurable, but not life ending, yet. There's never enough $$$ for my disease.
So I'm going out on a limb giving this unsolicited advice, but hey, this is a public forum.
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Old 05-12-2018, 07:17 PM
 
Location: Mount Pleasant, SC
1,795 posts, read 2,305,368 times
Reputation: 1270
Quote:
Originally Posted by jane_sm1th73 View Post
As a matter of principle, this is the worst possible solution you can have.
Plus, it will not help your problem.
Try not to become a debt donkey. Get a part time job at the hospital. Suck it up - everybody else does and it is not forever.

Good luck in nursing school. Take on lots of OT while you are relatively young, to pay off your debt and to sock away for retirement.

Good to hear you posting about something other than how the state should raise others' taxes to fund
your individual priorities.
OP: this is great advice, so here it's posted (again) ... twice!
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Old 05-12-2018, 10:24 PM
 
1,957 posts, read 1,334,474 times
Reputation: 3070
Quote:
Originally Posted by Lowexpectations View Post
Yeah I can read and understood that just fine in the op.. What I didn’t see was roth 403b which is why I specifically questioned you on it, not to mention the inaccurate advice that followed

Whatever you find inaccurate, I would recommend you discuss with the OP. It's not me asking for advice. And you'll notice I edited out the reference to Roth in my original post, since I went back and noticed that she hadn't specified. You must have been quoting the original post I made even as I was working on editing it.

It's not me suggesting the withdrawal anyway. Its the OP asserting he can do it already at his age, so logically, he would be able to do what I was talking about with the Roth 403. If he's not qualified to withdraw at his age, then the whole discussion is moot.

Last edited by Led Zeppelin; 05-12-2018 at 10:42 PM..
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Old 05-13-2018, 08:17 PM
 
17,645 posts, read 12,272,160 times
Reputation: 12883
Quote:
Originally Posted by Led Zeppelin View Post
Whatever you find inaccurate, I would recommend you discuss with the OP. It's not me asking for advice. And you'll notice I edited out the reference to Roth in my original post, since I went back and noticed that she hadn't specified. You must have been quoting the original post I made even as I was working on editing it.

It's not me suggesting the withdrawal anyway. Its the OP asserting he can do it already at his age, so logically, he would be able to do what I was talking about with the Roth 403. If he's not qualified to withdraw at his age, then the whole discussion is moot.
Your roth 403b withdraw advice was still incorrect no matter what the OP situation was fwiw
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Old 05-16-2018, 06:45 AM
 
1,957 posts, read 1,334,474 times
Reputation: 3070
Quote:
Originally Posted by Lowexpectations View Post
Your roth 403b withdraw advice was still incorrect no matter what the OP situation was fwiw

No. You don't have enough information to know whether it is incorrect or not. He didn't give enough specifics.
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Old 05-16-2018, 08:38 AM
 
7,030 posts, read 6,663,432 times
Reputation: 5315
Quote:
Originally Posted by RunD1987 View Post
Hi, I am considering withdrawing from my 403B to clear out my credit card bills. I had a 2 yr plan to pay them all off. However, paying $10K a year for school and holding off for the 2nd year n half of school to pay it with financial aid. So that way have 0 cost when I finish school.

Plan would be I am paying way above the min. on my credit cards. Was debating to apply to a consolidated loan for $300 a month for 24 months with a 7% interest rate. However, thinking of keeping my credit cards and paying the minimum. With that said at the end of each semester be eligible for $2100 from work (Total of $4200 a year). With the $4200 and my 403B could pay off my credit card debt completely by June 2019.

Question is it a smart investment...Now I know it is taboo to touch a 403B. My thinking is this going to school for nursing I plan to be done by the time I am 33. Plan on staying in the nursing field till I am 70. That is about 40 years! Also possibly looking at doing 20 to 25 years in the military as a nurse hopefully is my long term goal. Even if that doesn't pan out when I do start out as a nurse will be making 30 to 40 percent more a year. Figure in a 30 year time frame I will be making close to 92% more if I worked 30 years at my current salary base. That is a lot to contribute to a 403B in 30 years.

I don't believe I be losing out in retirement funds if I withdrew now. I still have to meet with a financial adviser before I can withdraw. However, still seeking some feedback on this thought process.
You can borrow from your 403b and use the funds to pay off the debt in installments. There is not enough facts to make a decision. It sounds like you're going to run a large amount of debt in the near future anyways. Some or all of the credit card debt could probably be consolidated or paid off under a future student loan.
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