should i stop funding my 401k to pay my bills off faster?
816615
I would not stop funding the 401K all together but you could split the difference, make sure you are catching everything that your employer will match (no need to throw away free money) if you were  investing more then that cut it back and use the extra to pay your bills off faster but commit to this and follow though. this is going to be tough, Good luck!!
434245
consult your employer or 401K manager
284237
It is a good idea.  You can never make up the difference if you don't start investing until you are older (due to compounding interest).  A 401 K is dogmarked for YOU and no one can take that money.\n\nThe thing about baby boomers, that is really only affecting PENSIONS which are not the same as 401K.  Even if the market returns drop, your money will still be there.\n\nIf you feel worried, get an IRA from an independant investment firm.  Your return won't be as high and you will not get to put the money in before taxes, but this way your company cannot drain you.
1165838
The first question is whether the IRA contribution will be deductible to you. In 2006, if your AGI exceeds $75,000 (married) or $50,000 (single), the deductible contribution to IRAs starts to phase out. Don't do it if it isn't deductible.\n\nNext, how fast can you pay back the loan? Generally, a long-term loan, even to yourself, is not going to help you because the interest is not deductible.\n\nFinally, would taking a 401(k) loan stop you from making 401(k) contributions? Don't do anything that would stop that, and blow your employee match.
1180190
pay month to month\nthe finance charge is already figured into your monthly payments...it would be silly to pay it all off with savings
47773
For a 401K, unless it's for a true hardship, you will pay a stiff penalty.  Check with your plan administrator but I believe it's around 25%, plus you will have to pay taxes on the amount if if was on a pretax plan and lose the the money's ability to work for you in the inventment.  Unless you have absolutely no other option, it's really best to leave the money alone.  You'll be glad you did later.
641632
i have the same problem... just don't max it out in a day... the trick is to pay it off each month... that way you don't get charged interest.
295967
Another simple way to address this is to get a normal mortgage (fixed/30yr) and make certain that there are NO PREPAYMENT PENALTIES.\n As long as you make the monthly payments, you can pay it off at your speed.
672516
Stop spending, cut your spending.\n\nPlan a budget, and save.
404978
Why would you want to? Not being judgemental, but I certainly hope that the expense you are wanting to cover is worth the astroniomical fees/interest they charge on these loans. I think these places should be shut down. They prey on the poorest people in America and drive them deeper into debt/poverty. If you can possibly put off paying the debt, do. Even if you get charged a late fee for the late payment, it's probably lower than what you'll pay to 1-3 cash advance places. If you are needing cash for something like a car repair, you'd be better off to swallow your pride and bum a ride for a while, take a bus, ride a bike, or walk. There's nothing wrong with admitting you don't have the money to pay an expense right away. When our country learns that, we'll all be better off.
127550
You should payoff your mortgage if you have the money anyway.  The tax credit isn't worth the interest payments on a 30-yr mortgage.
1051119
Put in the percentage that maxes out the company match.  Free money is good.\n\nAfter that, put your money into a Roth IRA (if you qualify for it).  Tax-free growth is good.\n\nIf you max out the Roth IRA, go back to your 401(k) and put money into that.  Tax-deferred growth is good, but not as good as free money and tax-free growth.\n\nWhile you're doing all that, you have to also build an emergency fund of 3-6 months *expenses.*  You don't want an unexpected emergency to undo all that you're striving for.  Also, you need to make sure that you pay off all your short-term high-interest debt.  It makes no sense to gain 10% a year in savings while paying out 18% in interest.  If you have credit card debt, pay it off and stay out of debt.\n\nGood luck!
666715
First, it is not always optimal for you to pay off your mortgage. It is one of the few non-recourse loans available to you, and that lets you keep the upside while giving the bank the downside (they get the house, but nothing else if things go bad). \n\nAlthough I do not recommend negative amortizing loans, I would recommend that you change your goal of "paying off your mortgage before retiring" to "maximize my after tax wealth." Depending on your real estate market, and the interest rate on your loan (after tax interest rate of course), etc, it may be optimal to take the equity out, invest it in a way such that you can still draw from it to pay the increased mortgage payments... (i.e. do not use the extracted equity to buy a new Porsche).\n\nAdditionally, make sure that BEFORE you do teh 403b (unless they match in which case do the minimum required to get the match asap!), take advantage of the ROTH IRA. It has many advantages over a traditional IRA (untaxed at retirement, no required distributions at retirement), and the only disadvantage I can think of is the fact that you don't get the tax deduction today (although even this one is not entirely true depending on your income level). However, if you assume that tax rates will be higher at retirement (we all want to retire rich, right?) then the ROTH dominates teh traditional. Also, income tax rates are at historically low levels today, I'm assuming that our trade deficits and national debt levels will require increased taxes in the future... the ROTH is indifferent and protects you from such a development :)\n\nForget Universal Life. Start with Term, if you have a reason for life insurance at all. The rule of thumb would say that disability insurance makes more sense for younger workers than life insurance... Another rule of thumb: trust very few insurance salesmen, and those that you do trust almost always tell you that you need more than actual.\n\nBest of luck, hopefully this bit on personal finance helps.\nAs they say, it's just my $0.02!
1107676
Pay all your current bills. Save as much money as possible and the next time you get a lump sum of money like tax time..take the money you have saved and the taxes and pay them off at one time.
30187
Pay off those charges, especially if your interest rate is over 10%.  It's always good to have some money in savings, but if you want your money to go further, get rid of those charges, it's like paying a middleman for an item purchased for YEARS!!!
1130453
Sometimes there is a waiting period until you can get the company's matching portion.  When you reach it you are "vested" in the program, and can take what they contributed plus your contributions when you leave.  \n\nYou should put in all 15%.  It is a great deal.  When you leave that job or get fired or whatever you can move your 401K to a new job or just let it sit there.  When you change accounts that is called "rollover".  \n\nSome places let you choose how to invest the 401K money.  Like where I work we can put it in stock fund, small capitalization fund, international fund, etc.  If you are young and have a choice, just put it in the stock market.  That has a good record over history.  \n\nYes, there are fees but you probably cannot control them through the employer's 401K.  They are usually pretty low.  Someone is managing that money and they have to have a salary, too, to keep records and send you statements etc.  \n\nSome programs have loan programs where you can borrow from the 401K program.  If you quit the job before the loan is paid back, though, it is all due immediately.  Sometimes they require you to show proof of hardship or medical expenses or real estate purchases but sometimes not.  When you pay back the loan, there will be interest (but you're paying it to yourself).  You must consider that if you borrow from it that money won't be in the account growing and earning for you.  Bad idea to borrow from it.  \n\nI have typed enough.
994345
If you can, find another way to pay off your credit card debt.  Of course, this is assuming that you're not about to go bankrupt or anything.  It sounds like you're not, as you are moving into a new home.  Don't borrow from your retirement, as that will start a bad habit.  It'll make it easier to do again and again, and then you'll be left with no money for retirement.