I want to be able to clear some debt as well.
2007-02-13 00:45:07 · 5 answers · asked by kb6419 2 in Business & Finance ➔ Personal Finance
Definitely NO. The proceeds from the QDRO is supposed to support you the rest of your life. If you spend it now, you'll have nothing later.
There are many sources to help fund a college education, but the QDRO money is your share of the retirement plan and may be your only source to fund your retirement.
My suggestion would be to roll the QDRO proceeds to an IRA account and leave it alone, or beter yet, add to it each year. But don't tap it for anything until you are ready to retire.
2007-02-13 01:06:46 · answer #1 · answered by Willy179 2 · 0⤊ 0⤋
BAD PLAN DO NOT DO.
QDRO, how long ago? Have you seen what kind of taxes you will pay? Is it too late to put the money back into a retirement account?
Best advice is to have kids pay for their own education. That way they get two educations in one. How to budget, how to work, and how to manage their time wisely.
The money in a retirement account was put there to save for retirement. Use it for that.
In 50 years, do you want your kids to have to take care of you because you don't have any money? I don't want to take care of my parents and they sent me to a really nice college.
2007-02-13 08:59:29 · answer #2 · answered by GoodTimesMakingMoney 2 · 0⤊ 0⤋
sounds like a good plan! hope it works out for ya.
2007-02-13 08:53:18 · answer #3 · answered by Motherload 3 · 0⤊ 0⤋
Do what your spirit tells you to do.
2007-02-21 04:05:40 · answer #4 · answered by patrick w 4 · 0⤊ 0⤋
you may do it, but morally please dont do that.
2007-02-20 08:05:51 · answer #5 · answered by fairy 6 · 0⤊ 0⤋