Episode 22: Early Withdrawal from Retirement

KEY TAKEAWAYS:

  • It can seem like a good idea to use retirement savings to pay off debt – especially if you are accruing interest at a higher rate.
  • Taking out your retirement savings before you reach retirement age will cause you to pay thousands of dollars in penalty costs.
  • Though it may seem like the easy way out, there are other ways to get out of high-interest debt.
  • Make your balance payments on time, and when you can pay more, do so.
  • Transfer your debts to one, lower interest credit card or personal loan so that you aren’t paying multiple interest rates.
  • GHS is always here for you! Stop in to a branch or call us if you need us at (800) 732-4447.