> an information technology worker in New York City, has taken money out of retirement accounts three times since the 2008 recession. He withdrew more than $50,000 to pay credit card debts, tuition for his six children to attend a religious school and, most recently, an overdue mortgage. “It was really a choice of saving the present versus securing the future,” he said. “My situation wasn’t someone who’s frivolous. Expenses were just more than I was making.”
Raiding retirement accounts to pay for private school seems like a terrible idea. Credit card debt and overdue mortgage payments might be somewhat more understandable as reflecting a pinch of mandatory expenses growing faster than income, but I'm pretty sure that NYC public schools would provide an adequate enough education to not be worth the risk of having insufficient savings for retirement.
If you can't pay your mortgage and credit cards, I'd consider private school to be an extravagant luxury that you literally can't afford at this time.
Raiding retirement accounts to pay for private school seems like a terrible idea. Credit card debt and overdue mortgage payments might be somewhat more understandable as reflecting a pinch of mandatory expenses growing faster than income, but I'm pretty sure that NYC public schools would provide an adequate enough education to not be worth the risk of having insufficient savings for retirement.
If you can't pay your mortgage and credit cards, I'd consider private school to be an extravagant luxury that you literally can't afford at this time.