Reported 1 day ago
As credit card debt increases, especially among baby boomers and Generation X, many are considering whether to use their retirement savings to pay it off. While financial advisors typically caution against withdrawing from retirement accounts, it may be a reasonable option for those facing high-interest debts, particularly in retirement. However, experts warn of the risks involved, including tax penalties and the potential for incurring debt again. Evaluating one's financial habits and the implications of withdrawal versus loans from retirement accounts can help in making a responsible decision.
Source: YAHOO