Swimming in debt and watching my IRA’s decline – HELP PLEASE
I owe about $250k on various credit cards and lines of credit. I have about $400k in IRA money. If I could find a way to access at least $250k of this qualified money and not have to pay current taxes or the penalty it would make my life a lot less stressful.
Additional benefits would include thousands of dollars in annual interest savings, increased monthly income and a much needed improved credit score.
There has got to be a way to do this.
Thanks, ~Tim
Permalink Submitted by Tim Thompson on Tue, 2008-07-29 21:13
ALL the $ is in Traditional IRA’s about half is with Pacific Life and the other half is in stock with a small local BD. I’m 55 and ALL my other cash on hand has been exhausted. I’m living on fumes and robbing Peter to pay Paul every month.
I’m sure if I were a mobster I’d know some way to get my hands on $250k of IRA $ and not pay the IRS a dime. Alas, I’m a regular schmo that spends more than he makes, used my home as an ATM and is paying the price in spades. I’m like the guy in the commercial “I’m in debt up to my eyeballs. Someone please help me.”