should i stop funding my 401k to pay my bills off faster?

Answer 1

I would not stop funding the 401K all together but you could split the difference, make sure you are catching everything that your employer will match (no need to throw away free money) if you were investing more then that cut it back and use the extra to pay your bills off faster but commit to this and follow though. this is going to be tough, Good luck!!

Answer 2

nope, you need to keep investing in your 401K. THAT is what you will have when you retire and what you will have to live on.

Your bills will get paid either way.

Most 401K plans also charge a penalty to take the money early and you actually end up losing a lot.

Answer 3

Goodness no... save save save...your 401k will give you money for the future. if your employer isnt contributing, I would put less in, but make sure your also cutting back on the things that arnt neccessary, but always put something in the 401k

Answer 4

If the interest rate on the bills is higher that the interest rate on the 401K, yes.

Answer 5

If your employer is matching your contribution, then I wouldn't.

Say, your employer gives you 3% if you contribute 6%, then you have made 50% before interest gains. It is unlikely that your debts have percentage rates of 50% or more.

Answer 6

NO!

You will always have bills, and they will always get paid off. It's a cycle.
You only have 1 retirement.

Answer 7

Absolutely NOT....Cut your other expenses to get the money to pay your debts. And, STOP making new ones.

Answer 8

No way, you can take out loans on that money

Answer 9

Not if it means foregoing matching money.