Should I Pull Money From My 401(k) To Pay Off Debt?

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Title	:	Should I Pull Money From My 401(k) To Pay Off Debt?
Lasting	:	2.28
Date of publication	:
Views	:	22 rb

Look at what the 401k really does That money is getting used everyday by all the folks that say hey don't pull out that money The company gives you money for every dollar invested right? Or are you giving them your money so they can match an extra and give it right back to themselves Even after you retire they don't want you to touch it
Comment from : pat9784

What's wrong with taking a 401(k) distribution in your 60's? I don't understandI thought that's what 401(k)'s were for?
Comment from : Jacob Meadows

People are forgetting that the caller said she doesn't work and they only make 30k with back taxes If they pull out their retirement it will be worse for them in the long haul Her working is good advice for the long run
Comment from : Manny JP

Early saving and investing money creates compound growth, It's a beautiful thing But it takes focus and discipline You need to be focused enough to commit to a plan and a process
Comment from : alejoa tse

These financial experts gave her bad advice, the lady is over 60, no penalty, no problem
Comment from : Roger sykes

Can't stand this guy and what happened to ANTHONY??????
Comment from : fasfzr1

George could be replaced by a chat bot
Comment from : FloydofOz

I miss Dave They didn’t ask any probing questions
Comment from : Lego DC

"We never advise people to pull money from their 401k to pay off debt" George must have missed the episode where Dave told a caller to pull $180k from her IRA to pay off her mortgage, which I disagreed with because pulling money from an asset making 8-10 to pay off a 3 loan plus pulling more money to pay taxes is pure follybrbrBut, this is different This is taxes and penalty to the IRS, which has the power to wreck your life This caller is age 60+, which means they will not incur the 10 penalty for early withdrawal, the amount is only $2k, they have a low household income which greatly reduces the tax impact, and it gets the IRS out of your life I would not pull money from a 401k to pay off student debt or to establish an emergency fundbrbrThe bigger issue is that this couple is in their 60's and appears to be in a terrible financial situation They simply do not have time on their side to "income" their way out of it It's sad, really
Comment from : Lee_CPA

Hi my name is Karen and I can't get along with anyone at my job
Comment from : joshua irwin

I tell people moving out of California is a huge mistake
Comment from : grod805

Sounds like she needs to get a job if she's able bodied
Comment from : TheIronChainMaster

Lol Rachel loved that buzzer joke
Comment from : Nate

this advice is so average and ordinary with no details any normal human would say the same thing the real question is how she said uber eats? lol this is hardly any help to this woman
Comment from : Calmer573

I’m so close I can taste it I only owe 89000 on my house have 150000 in my 401k it’s so tempting to pay off my house but I’m not ugh
Comment from : TheMechanicj

Caller "I need money"brHost "Get a job"brCaller "Ok"br🎃
Comment from : magnumend88

YouTube has become a playground for scammers Really sad that a company of this size is just letting them get away with it
Comment from : Top Comment

Telling her to swallow her pride was inconsiderate and rude
Comment from : Jacob Davison

What this is there advice 👀
Comment from : The Investor Domain

Good grief Get a job and keep it She sure is bent on digging their hole deeper
Comment from : Will Elliott

What are the costs of taking the money out of the 401k?brbrProbably 35 income tax plus a big penalty
Comment from : F Huber

60 years old and no money outside her 401k and has debt Stories like these are what makes me so frugal, even tho I make decent money
Comment from : Blackbond11

Student loans at 60 and no job Hmm
Comment from : Cathy

What are the credentials on these kids behind these mics ?
Comment from : Felmon Bartolome

She doesn't wanna work Poor husband
Comment from : K Roddy

Amazing how the first answer for women is to not work For men, we have no choice but to do so
Comment from : Jim Curtis

Since she is 60 she can withdrawal the money penalty free She also is in a really low tax bracket if their household income is $30K She should take a distribution most likely their incremental marginal taxes will only be $200 for the distribution
Comment from : Spec Streaming

Go to work!!!!!
Comment from : Clarifying Questions

Yes and yes
Comment from : Marcenel Joseph

It's not a loan if you are 60!!! She can withdraw without penalty Even if she doesn't want to retire yet go ahead pay your taxes
Comment from : CDTucker336

What is wrong with people? GET A JOB! The World 🌎 doesn’t owe you anything! Relaying on $30K to support a family is crazy! 60 or 16!
Comment from : Easy Eagle

If 60 not a good time to take money out your 401k When do you ever use the money
Comment from : Archie jr

Wouldn't the penalty on 20k be close to 2k anyways? Hope she took their advice
Comment from : Financial Prepper

Don’t touch your 401k unless it’s an emergency Just make sure if you do, save more $$ to compensate! Good video!
Comment from : The Foreigner in America

She went from considering borrowing 20k to 5k from her 401k What a stretch
Comment from : 73richg

It requires money to make money This is the best secret I have ever discovered we don't make money, we EARN and MULTIPLY money🇬🇧
Comment from : Genaro Coats

what is that outro music? is that slum village / j Dilla? lol nice!
Comment from : Lioncrud

Why is Rachel even on the show, she has no financial experience Everything she says is just blindly repeating Dave’s teachings, anyone who has watched the show for a month could fill her roll🤡
Comment from : Dababy car

No, pull it & go to the CASINO 🎰
Comment from : AC/DC4LIFE !

What about a loan from the 401k? Is that not possible with every company?
Comment from : Edgar Dominguez

Did she ever mentioned how much was in the 401k? If its a lot and she is 60 just use it to pay the debt Just have to pay taxes on it, which isn't much since they don't make much
Comment from : Living Unashamed