Hello,

I really need advice. I am 48, been on current job for 28 years. I am almost ready to finish getting bachelors degree and anticipating starting new career. Problems: large credit card balances and 2nd mortgage and student loans. Ran up putting self and helping 2 sons go to college.
Want to take full surrender of retirement when leave and pay off everything I can and start over.
Advice please!

Welcome to AMHD and congratulations on earning that degree and getting those kids in there. I have heard some of Dave Ramsey's material, and I am a fan (I am a fan, only): Real Debt Help - Get out of debt with Dave Ramsey's Total Money Makeover Plan.

Well the 2 sons should be paying their own student loans not you.

But should not a new carrer now with a college degree not pay more than you are making now, or is this just a carrer charge to do a job you really want that may pay less??

But in the end, while not good retirement sense, since you will have to pay the 10 percent penalty plus your taxes, so you will lose 30 to 40 percent of the money to taxes and penalties but if that is your way of starting over you have to do what you have to do.

Maybe it would be wise to start now looking into that second career and getting an idea of the budget, and income to make a reasonable decision. It may be possible with planning to not touch that retirement money, and pay your debts with an income from a new career. Why pay the penalties of early withdrawal if you don't have to and taxes and bills follow us forever.

I retired at 48, live off my pension, no bills and didn't have to touch my retirement yet. I did roll it over though at NO penalties. My last 5 years of working got those bills paid, so I could have that option to move on.