If the idea of moving to a low-cost area after retirement is appealing, Koss suggests selling your current home first to generate liquid cash. "Retirees should consult with an investment advisor and tax expert as well as a lender to decide how much of your cash to spend and how much of your purchase to finance," says Koss.
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Listeners call into The Dave Ramsey Show all the time asking if they should cash out their 401(k)s to pay off their credit cards or even their homes.
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Yes, in some cases you are able to take funds from your 401(k) to purchase a house. Your Roth IRA and/or traditional IRA would be a better source of funds, however, if you are a first-time home buyer.
The penalty-free withdrawal under the IRA homebuyer’s exemption is only significant for those under age 59. If you’re over 59, you can withdraw ira assets for a home down payment-or any reason-penalty free. However, unless you have a Roth IRA, you’re still subject to having to pay income.
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Amounts withdrawn from your 401(k) plan and used toward the purchase of your home will be subject to income tax and a 10% early-distribution penalty (if you’re under age 59). Even though the.
Using Your 401k for a Down Payment. There’s no specific penalty exemption for home purchases when you pull money out of a 401k, so any money you take out will be classified as a "hardship exemption."You’ll be assessed a penalty of 10% on the amount withdrawn and you’ll have to pay income tax on it as well.
Arguably, the most important financial decisions you will make revolve around your retirement accounts. Sure, buying a home is a big decision, but if you make the wrong retirement decisions now,
While buying a home could be the biggest (and best!) investment you will ever make, having a healthy 401(k) is a key part of your long-term financial plan. Gutting your 401(k) now could leave you ill-prepared for retirement.Fortunately, there is a way to take advantage of the savings in your 401(k) without sacrificing your long-term plan.
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