The Pension account has approximately $31,000 in it.
My wife and I would love to sell our home and buy a larger house in the future. Is cashing the pension and paying penalties and taxes a bad idea if it helps us with a larger down payment?
Should I ignore the pension money and just roll it into another investment to avoid taxes and penalties?
Edit: NY State
Edit 2: Financial info:
We bought our current home 6 years ago to build equity and to stop renting. It was our starter home, not our 'forever' home.
We have our first baby on the way now.
Current debt is approx 40k student loans, approx 70k left on mortgage, one car lease, I own my car outright. About 4k in misc. 0% interest debt (had to replace a refrigerator, etc) all set up to be paid off while the accounts are still 0% interest. We both have 401k plans with company $.50 per $1.00 match and we're a 150k income household.
We have approximately 15k in savings right now. We've been improving our home since we bought it thus the lower savings number but we're able to save month to month a fair amount.
Submitted June 03, 2018 at 01:39PM by burge4150 https://ift.tt/2srImtZ
