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My husband and I have investments, 50% IRA, 50% Roth IRA, totaling about $12,500. We invest $50 a month into each. We are thinking about cashing it in and paying off his car. He owes about $9,000 on it. Paying it off will give us an extra $400 a month.
After we cash it in, we would start investing in my company's 401k because they match up to 5%. Investing the same about (5% is just shy of $100) would give us about double the amount invested each month.
We haven't talked to our invester yet but we are dipping more into our savings than we are putting in. We've cut corners just about everywhere else we can. As long as the withdrawl penalties aren't too terrible, we think it would work.
Thoughts?
Additional Details Ok, does any one who actually read my question want to answer? What extra money are you talking about, Caren? We have a savings account, and we are withdrawing from it every month to make ends meet. We are down to about $1,000. We have no extra money to put into savings or to increase our investments. That's kinda what the question is. We don't have enough to save because we are paying $400 a month to my husband's car and my car is about to die.
After we cash it in, we would start investing in my company's 401k because they match up to 5%. Investing the same about (5% is just shy of $100) would give us about double the amount invested each month.
We haven't talked to our invester yet but we are dipping more into our savings than we are putting in. We've cut corners just about everywhere else we can. As long as the withdrawl penalties aren't too terrible, we think it would work.
Thoughts?
Should we cash in our Roth IRA?
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