Recently lost my job. Severance will float me for about 4 months. $70,000 in debt: $20,000 to family, $27,000 CC, $6500 student loan for my son, $14,500 car.
Retirement fund will need to be rolled over into an IRA (currently in a 403b). I owe myself $11,000 from that fund.
Question: Do I use funds from the retirement fund to pay off the debt (plus the tax and penalty for early withdrawal) become debt free, and spend the next 10 to 12 years (I'm 56) paying back into the IRA I established when I rolled the fund over.