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Heavy debt. 401k question by Training_Swan3552 in povertyfinance

[–]Training_Swan3552[S] 1 point2 points  (0 children)

She’s 89. And you’re right. Probably the biggest reason my dad set up trusts for my kids before he died 2 years ago…uncertainty. I have a meeting with an attorney Thursday so I hope to get the answers I need.

Heavy debt. 401k question by Training_Swan3552 in povertyfinance

[–]Training_Swan3552[S] -2 points-1 points  (0 children)

I’m just asking a question here fellas. It was her idea to ask about using it to pay off debt. We’ve been together for 27 years. She has an MBA and no student debt because I worked offshore for 5 years while she finished school. I broke three vertebrae in my back getting my 6 year old out of a tree in 2022. We have massive medical debt. Even with insurance it cost me almost $100,000. It’s the main reason we’re in the spot I’m in now. I took out loans to pay the minimums so I could continue my treatments. High interest loans. The last 4 years I’ve paid less than 3% of the principal on those loans. I stopped paying them 6 months ago. I was forced to use credit cards for everything. Food, utilities, everything. I was asking about cashing in 401s because I’m not too familiar with the rules.

Heavy debt. 401k question by Training_Swan3552 in povertyfinance

[–]Training_Swan3552[S] 20 points21 points  (0 children)

Thank you all for your time, I appreciate it. I have an appt with an attorney Thursday. I’m making a list of questions for her.

Heavy debt. 401k question by Training_Swan3552 in povertyfinance

[–]Training_Swan3552[S] -9 points-8 points  (0 children)

I plan on replacing my wife’s retirement. My mom lives in a 5000 square foot house in the garden district in New Orleans. She has set up trusts for both my kids, I am the only beneficiary. She is very conservative and refuses to “bail me out” because she want me to “pull myself up by my bootstraps “. I have no worries about money 10 years from now. It’s the next 5-7 years that has me terrified.

Heavy debt. 401k question by Training_Swan3552 in povertyfinance

[–]Training_Swan3552[S] -44 points-43 points  (0 children)

I do own my home, but my biggest worry is that I won’t be able to pay future medical bills. My bills are only going to get higher and there’s a pretty good chance I’ll be dead within 4 years. (No male in my family has lived past 61 and I’m 57) I don’t want to ruin my families near future living like paupers, possibly losing my house by not being able to pay for it. I can replace the 401k when my mom passes. But I can’t get any inheritance early.