Hey everyone, welcome back to Finance Friday. It's another special edition of Money Girl,

where I answer your burning money questions. Today's topic comes from Sharon, who says,

I'm 60 years old and self-employed in real estate. I have over $750,000 in my IRA, which is invested in stock and bond mutual funds. But I also have $60,000 in credit card debt that's weighing on me. The cards help me stay afloat during a two-year downtime. Should I dip into my IRA

to pay off my credit cards? Thank you for your question, Sharon. I know being self-employed can feel

like a financial roller coaster at times. Dealing with a two-year downturn in your business is tough. There's no doubt.

And using credit cards certainly can be a lifeline in dire situations. That weight of the debt that

you talked about and that you're feeling is real. So I'm glad that you reached out for help.

This podcast will review the pros and cons of tapping an individual retirement account,

or IRA, before and after the official retirement age of 59.5.

Plus, I'll discuss other options for Sharon to pay off credit cards.

Welcome back to episode 969 of Money Girl.

I really appreciate you downloading the show, spending some time with me.

If you're new here, I'm Laura Adams, an award-winning author, on-camera spokesperson,

Money Speaker, and founder of The Money Stack.

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you to subscribe. You can learn more, ask a money question, and sign up for the free Moneystack

newsletter when you visit Laura D. Adams.com. Or you can become a paid member of the Moneystack

and get access to my live educational and Q&A events.

Additionally, you can ask a money question by leaving a voicemail by calling 302-364-0308.

I'd love to hear from you and feature your question here.

All right, so let's talk about the traditional IRA withdrawal rules.

So before you or Sharon dip into your traditional IRA, it is essential to understand the withdrawal

...