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Message
re: Student Loans
Posted on 4/21/24 at 3:49 pm to Abundy007
Posted on 4/21/24 at 3:49 pm to Abundy007
Do not take early withdrawal. A 401k loan is a better sub optimal solution.
Is it a federal ot private loan? Is it her loan or in your name (parent plus?)
Is your retirement well funded? If not, concentrate on that. Of anything, wait until you retire and pay it off without penalties perhaps spread out the wothdrwal over couple or more years to optimize tax brackets.
If you leave your employer you can take 401k withdrawal with no penalty using Rule of 55 no need to wait until 59.5 FYI.
Is it a federal ot private loan? Is it her loan or in your name (parent plus?)
Is your retirement well funded? If not, concentrate on that. Of anything, wait until you retire and pay it off without penalties perhaps spread out the wothdrwal over couple or more years to optimize tax brackets.
If you leave your employer you can take 401k withdrawal with no penalty using Rule of 55 no need to wait until 59.5 FYI.
This post was edited on 4/21/24 at 3:52 pm
1
Posted on 4/22/24 at 1:01 pm to TorchtheFlyingTiger
The loans are in my name and are Federal loans (NELNET). My 401k is well funded. I’m just trying to be a good parent and pay off her student loan. She is graduating with a 4.0 for all four years of school. I’m 56 years old about to be 57 so I’m trying to reduce my debt so I can retire and me and my wife can enjoy life. If that’s being a bad parent then I don’t need your silly arse comments.
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