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401k withdrawals
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<blockquote data-quote="barnyard" data-source="post: 314031" data-attributes="member: 13921"><p>I can see where a person would need $10,000+ in available savings to prevent a catastrophe if a UPS driver or family member were to get seriously sick.</p><p></p><p>In my families' case, I had pneumonia and was off work for the month of November (the whole month). If I had not had a week of vacation during that month, we would have been in trouble. Disability was $350ish a week and while our health insurance premiums were paid, living on 1/4ish pay for 4 weeks is tough, real tough.</p><p></p><p>I can see more days off, possibly even FMLA this spring. My daughter crashed last fall (we race enduros and hare scrambles) and she is having complications from the injuries from that crash. It makes that 401k look mighty tempting. </p><p></p><p>We need to keep our eye on the prize though. I plan on retiring at 25 yrs and we will need that 401k to supplement the pension, if I plan on really retiring (once I retire, I do not want to have to find another job.)</p><p></p><p>What has helped us, is that we do live within a 40/hr a week paycheck. That means that I can use all OT earnings to pay off debt and save for the next rainy day.</p><p></p><p>So, I may not have been a lot of help, so I will add this: look for a Catholic Charities or Lutheran Social Services debt counseling service. I am not suggesting them because of their religious affiliation, but because their services will have value and will truly work in your best interest. Let them work out a budget with you and then spend the 5+ years digging yourself out of debt. My family did it almost 10 years ago. We did not have to file bankruptcy and we did pay off all our creditors</p><p></p><p>Good luck to you and your family</p><p></p><p>TB</p></blockquote><p></p>
[QUOTE="barnyard, post: 314031, member: 13921"] I can see where a person would need $10,000+ in available savings to prevent a catastrophe if a UPS driver or family member were to get seriously sick. In my families' case, I had pneumonia and was off work for the month of November (the whole month). If I had not had a week of vacation during that month, we would have been in trouble. Disability was $350ish a week and while our health insurance premiums were paid, living on 1/4ish pay for 4 weeks is tough, real tough. I can see more days off, possibly even FMLA this spring. My daughter crashed last fall (we race enduros and hare scrambles) and she is having complications from the injuries from that crash. It makes that 401k look mighty tempting. We need to keep our eye on the prize though. I plan on retiring at 25 yrs and we will need that 401k to supplement the pension, if I plan on really retiring (once I retire, I do not want to have to find another job.) What has helped us, is that we do live within a 40/hr a week paycheck. That means that I can use all OT earnings to pay off debt and save for the next rainy day. So, I may not have been a lot of help, so I will add this: look for a Catholic Charities or Lutheran Social Services debt counseling service. I am not suggesting them because of their religious affiliation, but because their services will have value and will truly work in your best interest. Let them work out a budget with you and then spend the 5+ years digging yourself out of debt. My family did it almost 10 years ago. We did not have to file bankruptcy and we did pay off all our creditors Good luck to you and your family TB [/QUOTE]
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