Take out 401K money to pay off mobile home
We currently live in a mobile home park unfortunately.
I will be 64 this year and my husband retires in 5 years.
I this mobile home needs work and is it a good idea to pull out the balance owed of $10,000. He has 58,000in his 401K.
We want to get out of this mobile home park when my husband retires. I am on disability. Thank you so much for the help.
Terry Says
From what you write, it doesn’t make sense to take money out of your retirement plan (and pay taxes on it) now — especially since you want to get away from this mobile home park!
What you should be doing is checking now to get on the list of subsidized housing for seniors in your area (or wherever you plan to retire) so you have some good choices. You’ll need the money in the retirement plan for sure.
Please write back if you have more details about your situation to share.
