Should I retire and take a lumpsum to pay bills?

Submitted by jimh on Fri, 11/20/2009 - 00:31
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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)

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.

Fri, 11/20/2009 - 12:42 Permalink