Reported 4 days ago
In a recent inquiry, a reader questioned whether they should utilize retirement funds, such as an IRA or annuity, to pay off $240,000 in credit card debt amid a down market. The advisor emphasizes caution, often recommending against using retirement savings for debt repayment, but acknowledges that extreme high-interest debt may warrant consideration. The decision ultimately depends on weighing the immediate relief against potential long-term loss, highlighting the importance of consulting a financial advisor for personalized guidance.
Source: YAHOO