Source of cash to buy home
Hi Terry.
Hope you had a fabulous- well deserved vacation!! I really appreciate your advice on WGN and I’m beginning to maybe believe Dr Bob after Friday’s close!
Three related questions if you would be so kind…
– Age 69 – Retired- Renting – $2,400/mo soc sec- $400,000 house money – $50,000 chicken money- $410,000 money market IRA- $220,000 Roth IRA Index fund.
Hoping to buy 10 acres and build a modest house in the next two years to stabilize my housing costs. To accomplish that I may need an additional $100,000 to $150,000.
– Would you take it from the taxable money market .. take it from the Roth even though that’s equities (or maybe because it’s equities) or take a loan though I’d rather not have a mortgage in retirement unless necessary ??
– I know from listening to you my Medicare cost will increase in the year after the withdrawal.
Will my Medicare cost then return to my lower cost the year after that?
– If I have the option and you favor withdrawing from the IRAs would you take the money out over TWO years to spread out the Medicare cost increase?
Thank you so much for your thoughts!!
Terry Says
Whoa — you need a trusted, fiduciary financial planner to review your entire situation. I couldn’t begin to give an opinion.
Check out this link on my website, and watch the new video:
https://www.terrysavage.com/pam-krueger-wealthramp/
And, glad you noticed that your Medicare premiums will go up if you increase your taxable income. They don’t drop again for a couple of years and you have to appeal. So do it all in one year, if that’s your choice, to make it less complex.
