car loan

By Terry Savage on October 13, 2023 | Wild Card

Hi, Need cash for a car should funds be pulled from Roth IRA or out of regular IRA? I realize taxes will have to be paid, not much in Roth about $26,000. Thank you Terry. We would like to pay cash. Prefer not to wipe out our savings.

Terry Says

But you ARE wiping out your savings, whether you withdraw from your Roth OR your traditional IRA. And you’ll have to take out extra to pay taxes on the withdrawal if you take it out of your traditional IRA.
AND, you may impact the cost of your Medicare Part B premiums if your withdrawal puts you over a certain level of income.



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