Should I retire and take a lumpsum to pay bills?

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jimh

Joined: 20 Nov 2009
jimh's page
Posts: 1

27 Magic Points

Subject: Should I retire and take a lumpsum to pay bills?

Fri Nov 20, 2009 12:31 am

I can retire and payoff nearly all my bills and Cards,that I cannot pay right now. (and woefully late on)I am still paying my house and equity loan on time,,cards not so much just sending very minimal payments and getting behind every month more and more. Know that if I take a lump sum from my retirement that I will have to pay taxes on all that I receive....Sticky situation..please help jim.( starting a new job after 48 is undesirable)

debranewell2008

Joined: 10 Oct 2009
debranewell2008's page
Posts: 605

89 Magic Points

Fri Nov 20, 2009 12:42 pm

My dad did the same thing but he became disabled and had a permanent income after. So I guess it would be a good idea as long as you have an income to count on.

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