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    Posted May 6, 2012 by
    Austin, Texas
    This iReport is part of an assignment:
    In need of a Money Coach?

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    Hi Clark,

    We watch your program occasionally and have a couple of questions.

    I'm an almost 60 year old married (2nd one) school teacher working in Austin, TX. Unfortunately during my first marriage I raided my teacher retirement funds, 21 years worth, this to get through some tough times. And yes Clark we have nothing to show for any of these funds today.

    So we went to discuss our retirement options with a financial planner recommended by a doctor friend and attorney. He basically said if we wanted to live a "normal retirement life" house, 2 cars, travel, we would have to eat cat food for the rest of our lives.

    My husband and I pull in about $110K between the both of us. We currently rent for about $1000 a month. We have about $50K in credit card and parent student loan debt. All the cars (3) are paid for!

    My husband had been pushing me to by back my retirement since we met in 2001. So we took the leap in the fall of 2008 to by back 21 years of retirement. Clark I have been teaching 36 years and since 2008 I have been taking home ~$1200/month. I have about $2200 taken out of each monthly check. To top it off my husband lost his job before we ever made the 1st by back payment.

    The good news is we've got 15 months of payments left, my husband has been working pretty much for the duration of the loan, and best of all we are not eating cat food.

    My annuity will be around $5K / Month, plus we both will qualify for SS payments.

    Here is the question....
    I am allowed a one time lump distribution( 12 to 24 months worth) which will reduce the annuity by 1K to 1.5K per month. I'm thinking I need to do this to purchase a home or new car, even stock, etc. My husband says absolutely not because fund is guaranteed deal...buy a home the normal, get a mortgage loan.

    Clark your thoughts would be greatly appreciated

    We find your program most informative and hence the reason for our inquire

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