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Pay off HEL or put extra in a 403b

Posted by hpcast (My Page) on
Tue, Aug 28, 07 at 23:19

We owe about 80K on a HELOC(currently @ 8%), I was thinking of working extra and paying it off in a few years, but was wondering if it would be better to just to put the extra in my 403b? Then plan to pay off the loan slower??



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RE: Pay off HEL or put extra in a 403b

Kinda depends.

How long before you raid the 403b? Any match if you increase your contributions to the 403b, or are you near the maximum contribution? Can you qualify for a Roth? Do you have a sizeable first mortgage or other CC or auto debt? What role does home ownership (this home) play in your long range plan?

It is usually best to fund a retirement plan up to the match, if available, any way you can as young as you can. Beyond that, age, income, other debt, and home ownership goals make it more complicated.

RE: Pay off HEL or put extra in a 403b

IM 37 now. 190K on the 1st. 80K on the 2nd. No cars or cc. We dont plan on moving, but will need some new cars in a few yrs...
live in Sacramento,CA

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