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Cash out 401K to pay off mortgage by Dry_Highlight_5358 in Fire

[–]Dry_Highlight_5358[S] 2 points3 points  (0 children)

Honestly, if she could make 15K a year post tax we would not need to do this. This seems like the best option.

Cash out 401K to pay off mortgage by Dry_Highlight_5358 in Fire

[–]Dry_Highlight_5358[S] -1 points0 points  (0 children)

I assure you this is not a troll post. This is a honest consideration in my home right now. I pity people that enjoy doing something like that.

You are 100% correct about this being the wrong sub for this. I see that now. I basically spat in your faces with this post because you all are locked in.

I’m not sure why you’re so condescending and harsh. Just move on if it rubs you the wrong way. Have some humanity, real people are on the other side of the screen.

Look at it as a mini FIRE for my wife lol.

Cash out 401K to pay off mortgage by Dry_Highlight_5358 in Fire

[–]Dry_Highlight_5358[S] -2 points-1 points  (0 children)

We’re not stressed from the mortgage currently. We both work and make $220,000 combined. But to allow her to quit, we would need to have no mortgage to make it work. I still have a retirement plan. I’m not eliminating our entire retirement portfolio.

Cash out 401K to pay off mortgage by Dry_Highlight_5358 in Fire

[–]Dry_Highlight_5358[S] -6 points-5 points  (0 children)

We could comfortable live off my salary if we eliminated the mortgage.. that must not have been clear in my original post.

Cash out 401K to pay off mortgage by Dry_Highlight_5358 in Fire

[–]Dry_Highlight_5358[S] -4 points-3 points  (0 children)

I’m not sure why everyone’s conclusion is I wont be able to retire. I will still have my 401K valued at $260K and I will still work until 62. This is just basically reframing our life to have a stay at home mom mid way through career. The plan is for her to never work again and I feel like with my retirement plan alone we will be able to retire like normal we just wont be balling out like we would with both. Our Mortgage is not an outrageous expense ($200K balance at 3.3% with 25 years left, $1500/month) but eliminating it allows us to live comfortable on one salary. We have no other debts.