Cash out a Roth IRA to buy a more expensive home?
We want to buy a more expensive house and pay cash to avoid a mortgage. I’m 69 years old. After selling our current house, we would need another $320,000 to do this. We have $220,000 in my wife’s Roth which we could cash out and avoid a tax event. We would get the rest from my traditional IRA. I’m thinking, isn’t that what a Roth is for? To be able to use the funds later on in life and avoid taxes? If you need more info, let me know. Thanks in advance!
Terry Says
NO! That is NOT what a Roth — or any other IRA is for!!!
Your IRA is for when you’re 75 or 85 and Social Security doesn’t provide enough money to live on!!
Why on earth do you want to buy a more expensive house at this stage of life — when most people are downsizing? Don’t do it! Don’t purchase a house that is more expensive than the equity you have in your current home. You simply can’t afford a more expensive home!!
And get a financial planner you can trust if you don’t believe me. Go to www.Wealthramp.com to find a good one.
