1, Aug 2024
Can I Take Money Out Of My 403(b) To Pay Off Debt?
Maybe you’re struggling with debt right now. Maybe you’re just annoyed with the high interest-rate your credit card provider charges you every year, so you want to pay off your debt. Then you remember you have a 403(b) retirement account and the money is just sitting there. Better to take advantage of it, you think?
“Can I take money out of my 403(b) to pay off debt?” The short answer is yes. But is it worth it? Should you even do it? Let’s explore that in this article.
403(b) Loan Vs. Withdrawal: What’s the Difference?
There are two ways you can get money out of your 403(b) retirement plan: loan or withdrawal. The loan must be paid back to your retirement account and is not taxed as long as you keep up with the repayment. Read More
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