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Posted in Retirement
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smcstokes

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Penalty to withdraw from retirement
My part of the divorce decree

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Withdraw penalty from retirement

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My divorce was just finaled. I was granted $14,000. But it's going into a separate account for me. It would help me now if I could get to it. I'm thinking of withdrawing. Taking the penalty hit, paying off some debt and reinvesting the rest in my credit union. Is that a good idea? If so, what should I invest in? CD, savings, other? Please help if you can. Thank you! 

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Well, if you need it to pay some debts, then you need it. You didn't mention what the penalty would be, so I am not sure what to advise if you don't really need it. I will say this though, investing in savings accounts or CDs is not a good idea, savings accounts and CDs are just a place to put money, not grow it. If you want to take the safe route, go with CDs or savings. If you want to invest, start learning about the stock market, there are also many other investment routes as well, you could buy a tool with the money and start a service of some kind as a side business, you could get into buying and selling, etc. It all depends on your interest and skills.

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