I have about 30k in student loans and so does my wife totaling 60k in debt. I am a Youth Pastor and she is a nurse. The plan always was for her to work full-time for 5 years after graduating college, but our Daughter came unexpectedly early in our third year of marriage. So instead of her working full-time for 5 years to pay off debt she got pregnant the week of her final exams her senior year of college.
So I am 27 and have about 20k in my 403(b). My wife is 25 and has next to nothing in her 401(k). But even with my minuscule income if we pay off about 15k of student loans she could stay home full-time. We own the house that we live in (didn't use any of my 403b for a down payment and still owe 98k on the mortgage), but I am wondering if retroactively I can use my 403(b) to help pay for my college or my house. We are planning on downsizing back to an apartment because we want to get our debt paid off and possibly move to Mali, West Africa in the next 5 years to work for a hospital there.
So the short and sweet of my question is:
What do my options and advice would you give for me to pay down either my house or my college debt from my retirement. Without losing to big from my 403(b) to taxes or penalties.
I am not set on doing this, but just want to know my options. Thanks for your help.
-Paul
So I am 27 and have about 20k in my 403(b). My wife is 25 and has next to nothing in her 401(k). But even with my minuscule income if we pay off about 15k of student loans she could stay home full-time. We own the house that we live in (didn't use any of my 403b for a down payment and still owe 98k on the mortgage), but I am wondering if retroactively I can use my 403(b) to help pay for my college or my house. We are planning on downsizing back to an apartment because we want to get our debt paid off and possibly move to Mali, West Africa in the next 5 years to work for a hospital there.
So the short and sweet of my question is:
What do my options and advice would you give for me to pay down either my house or my college debt from my retirement. Without losing to big from my 403(b) to taxes or penalties.
I am not set on doing this, but just want to know my options. Thanks for your help.
-Paul
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