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re: Taking contributions out of Roth IRA to buy land (updated 5/28/24 - not Roth)
Posted on 2/2/24 at 3:55 pm to kywildcatfanone
Posted on 2/2/24 at 3:55 pm to kywildcatfanone
quote:
Family history suggested maybe 15.
My dad has been saying this exact thing for the last 40 years. He's nearly 80 now
1
Posted on 5/28/24 at 4:29 pm to Mushroom1968
5/28/24 update with new question
Forgot the Roth. I'm not touching it. But I have a similar question. If you had reached 59.5 and felt that you had enough money in your retirement (taxable) accounts to take out what you needed to buy the land, and pay the taxes on what you take out and still have enough to retire with 100% income replacement, would you do it then?
I found a different piece of land that I love, and the location is great. It won't be on the market long. It's expensive, but I think I can buy it outright using retirement funds, then take my time building a house on it, sell my current house the cost to build and finish the new house, and have no mortgage on the other side.
I would have to deal with the taxes on the land between now and next tax season, but would own it free and clear, and then can build when I'm ready.
We can also stay where we are and be happy and not spend any of it.
Forgot the Roth. I'm not touching it. But I have a similar question. If you had reached 59.5 and felt that you had enough money in your retirement (taxable) accounts to take out what you needed to buy the land, and pay the taxes on what you take out and still have enough to retire with 100% income replacement, would you do it then?
I found a different piece of land that I love, and the location is great. It won't be on the market long. It's expensive, but I think I can buy it outright using retirement funds, then take my time building a house on it, sell my current house the cost to build and finish the new house, and have no mortgage on the other side.
I would have to deal with the taxes on the land between now and next tax season, but would own it free and clear, and then can build when I'm ready.
We can also stay where we are and be happy and not spend any of it.
This post was edited on 5/28/24 at 4:32 pm
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