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Yes, I do read your comments....

May 9th, 2007 at 06:34 pm

I'm not great about responding to your comments, but I do read them all.
For instance, Jim asks why we don't use our savings to pay off our debt. Good question, Jim. Here's my response:

1. Most of our savings are in 401Ks. To take the money out would cost us mucho money in taxes.

2. I'm old (41) and am married to an even older spouse (50). When/if we retire, we don't want to be eatin' Alpo. Organic dog food maybe, but not Alpo.

So am I wrong to think this way? Should I be paying off my debt with my hard-earned retirement fund?

Your thoughts please...

Posted in Debt repayment | 3 Comments »

3 Responses to “Yes, I do read your comments....”

  1. yummy64 Says:
    May 9th, 2007 at 06:40 pm 1178732423
    1178732423

    No not if there is a tax penalty. But you might want to reduce retirement savings now to get the debt paid off. Eventually you have to deal with the debt - better now than later is my motto. The freedom from stress is worth any interest you may lose.

    But I'm a more emotional than numbers sort when it comes to risk and risk tolerance.

  2. Ima saver Says:
    May 9th, 2007 at 08:02 pm 1178737348
    1178737348

    No, I would not touch your retirement money. also, I would give anything to be as "young" as you!!

  3. baselle Says:
    May 10th, 2007 at 06:01 am 1178773293
    1178773293

    I wouldn't touch the retirement money because of the penalties, but you don't want to be "feeding the alligator" when you are 70 either. It'll eat your savings alive, and it much prefers human flesh rather than organic Alpo. Smile
    FYI - I wish my savings were as "measly" as yours.

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