So I'm 24 and I amrelatively naive with money decisions. I had a full-time job that allowed me to use Maryland's teacher pension system up until I left the state a few months ago. I have about four years to decide what I'm going to do with the money (about $7800) or it gets taken by the state, apparently.
I know if I withdraw the money, it's going to be about 20%, but I also have about credit card debt that I've been paying off for years. I'm down to about $4,000 now. These payments cost me about $325 a month, and paying off them prevents me from saving or having any "wiggle room" in my expenses.
My current job is technically a temporary position and is not currently withdrawing any retirement funds to my knowledge and my position does not allow me to "roll" the funds into their pension system. So even if I were to keep the money, I don't even know what I would put it in.
I know I would loose some of the $7800 to taxing, and since this is 6 years of savings, I hate to be callous with it, but the idea of getting rid of my debts once and for all is very tantalizing. Any advice?
Edit: Added tax percentage
Submitted January 21, 2018 at 09:24AM by sapphireyoyo http://ift.tt/2G1B3ys
