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Ask Dave

Use ROTH IRA to Pay Off Debt?

QUESTION:
Marcus wants to know how to liquidate his Roth IRA and taxable mutual fund.  He has enough in those investments to pay off all of his consumer debt and student loans.  Should he do that?

ANSWER:


Read what Dave says:
You should not cash out a Roth IRA or any other type of retirement account early because you’ll have to pay huge penalties.

However, it’s okay to cash out the taxable mutual fund in order to get your debt snowball rolling. 
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