Hi all,
I've recently begun the difficult task of helping family sort their finances. I've had good luck with a brother, now on to my mom.
She is 64 and on long term disability, which is permanent. She recently told me she has 9k on a CC. I'm assuming she can draw from her 403b without penalty, so is this a good option to payoff the CC debt? I don't know the interest rate on the card but it's safe to assume it's higher than the return on her 403b.
We always talk about not taking out of 401k's to pay debt but we're typically talking about pre-retirement.
Long term, I'm working on sorting all her assets and liabilities, there's a pension to make sense of, and she definitely needs a budget, short term I'm just trying to put out the fire.
Cheers,
James