Mortgage & Car loan
My Mortgage balance is $73,437. @ 6.49% thru 2045. Car balance is $17,450 @ 6.45% for four more years. I have cash available in my IRA & 401k to pay these off, I withhold 25% of my withdrawals. Would you suggest paying these off ?
Terry Says
Well, you leave out some important facts:
How old are you?
How much of your savings will this withdrawal eat up?
Do you need continued Tax-deferred growth to facilitate your retirement.
Are you still working, and contributing?
Are you aware of the tax implications of a withdrawal this size — and how it could also impact your Medicare Part B and D premiums if you are already on Medicare??
I think it’s time for a review by a fee-only FIDUCIARY advisor, who could give you specific advice.
Read this: https://www.terrysavage.com/pam-krueger-wealthramp/
