I am in the military, with 12 years to retirement. I have the Thrift Savings Plan. My balance is around $4,100.00 and it's all invested in the "L" fund. I invest 15% of my pay.
I just inherited about $30,000.00 and I have about $10,000.00 in debt (car mostly). My two credit cards are only around $500.00. What should I do?
I am thinking of a Roth IRA, I can contribute $4,000.00 for 2006 and 2007 for a total of $8,000.00 by April. That would leave me a balance of roughly $22,000.00. I am also think about CD's. A local bank has an advertisement for a 14 month CD at 5.17%.
Should I pay off my $10,000.00 in debt, or invest the rest. I don't want my credit score going down because I have no open accounts.
2007-02-26
03:28:00
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9 answers
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asked by
Anonymous