Debt question: car and 401k

[Poor_Clare_tobe]

Thanks to all for the great advice! I really do appreciate it and it has helped me a lot!

Pax Christi tecum!

I can only second or third the awesome advice.[also there is veritas financial ministries which have a forum here]

What ever you do … don’t cash out your retirement fund. Others have stated why… but to reiterate… keep it… if there is a time when it is not needed then cash it out. However many orders do welcome accounts and if you enter the secular [diocesan] priesthood you will need it.

Please let us all know how you are doing and where your journey is taking you Blessings

 

[ASimpleSinner]

Well the reason I am thinking of emptying my 401k and not contributing is because I am considering the priesthood or religious life. It won’t be needed then.

THAT move you make when it comes time to take vows or get ordained… But worth considering, if you enter diocesan priesthood there is NO NEED to rid yourself of retirement accounts. As a matter of fact, one priest I know of was a competent investor who, when he passed away, was able to leave a sizeable endowment ($1.5M+) to the Pontifical College Josephinum (an instituion he actually never attended or taught at).