lending money from my retirement funds
My son needs to borrow $70,000 for one year. What do I need to consider to minimize tax expenses?
Terry Says
Send him to SOFI.com or a bank. You may NOT take money out of your retirement account! Period. There will be fees, penalties (if you’re under 59-1/2) — and TAXES. Plus you lose all future growth of the money!
This is NOT your problem — no matter what the reason! If he is old enough to need $70k then he is old enough to figure out a solution on his own!!!
