I have a question regarding retirement savings plans for my mom as well as myself. Back in 2011, I was working in the finance industry and sold my mom a retirement plan (Roth IRA) to supplement her 401(k) from work, and now that we are where the Lord has us on this journey, we began to question it. We have already reduced insurance down to the minimum required and stopped the ones that weren't necessary but now this scenario came up and there were a few directions to go and we wanted some advice. Due to it being a retirement savings plan, there would be a penalty for taking the money out before 59 1/2 years old (10% I believe), so the question becomes should she take it out immediately and pay the penalty, wait until she reaches the proper age (approximately 7 more years), or any other option not mentioned.
I was also paying into a retirement plan at work so this is relevant for me as well, although I have taken the matter before the Lord and believe that I should be focusing on Him to keep me wherever He will have me at any time in my life, therefore, I am no longer contributing.
Regarding the matter with her retirement plan, we both feel that it should be stopped and just pay the penalty because we don't want to be investing in the stock market any longer but we wanted to bring the matter here before moving forward.
Thank You, Lord, for Your guidance and instruction.