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Posted: 12/10/2018 11:44:43 PM EDT
[#1]
Not from a fiscal point of view to do that. Since your looking you have the time to build up cash to put down for a down payment for land. The withdraw trigger a 10% penalty but not sure if the income is added to you current tax year or not due to withdrawing prior to 59 1/2
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Posted: 12/11/2018 12:21:36 AM EDT
[#2]
I thought the point of the Roth was you can withdraw contributions penalty free?
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Posted: 12/11/2018 6:02:19 AM EDT
[#3]
Quote HistoryQuoted:
I thought the point of the Roth was you can withdraw contributions penalty free? |
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Posted: 12/11/2018 7:48:36 AM EDT
[#4]
Quote HistoryQuoted:
I thought the point of the Roth was you can withdraw contributions penalty free? FWIW OP I did much the same about 7 years ago. I had the opportunity to buy a property at a greatly reduced rate and used a Roth withdrawal to fund it. |
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Posted: 12/11/2018 8:18:27 AM EDT
[#5]
Leave your retirement money alone.
Once you open the door to ''borrowing'' against your future, your future dims. And you'll go feed at the trough the next time you want money. |
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Posted: 12/11/2018 8:29:26 AM EDT
[#6]
Quote HistoryQuoted:
Leave your retirement money alone. Once you open the door to ''borrowing'' against your future, your future dims. And you'll go feed at the trough the next time you want money. |
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Posted: 12/11/2018 9:36:52 AM EDT
[#7]
Thank you everyone for your responses so far. I am usually pretty against taking away anything from my retirement. The only reason I am considering doing it is it is land I am investing in an upcoming area that is growing. I will eventually build there and be my home. I also have several different accounts for retirements to include a pension. I am still open to any advice good or bad.
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Posted: 12/11/2018 10:59:00 AM EDT
[#8]
What kind of property is it? If it is an investment property, there are ways to purchase the asset within the IRA. No penalties and any gains aren't taxable. If it is something you intend to build on for yourself or if it is a hunting property or something then that wouldn't be an option.
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Posted: 12/11/2018 11:11:21 AM EDT
[#9]
Quote HistoryQuoted:
What kind of property is it? If it is an investment property, there are ways to purchase the asset within the IRA. No penalties and any gains aren't taxable. If it is something you intend to build on for yourself or if it is a hunting property or something then that wouldn't be an option. |
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