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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 11:14 am to LSUA 75
Posted on 2/2/24 at 11:14 am to LSUA 75
quote:
Seller financing would be best option.If not I would hit up the Roth if I hated where I live.
The only value of money is to make your life easier,more pleasant.
I would have been much better off financially to have stayed in my old house.We only had 1 year left on a 15 year mortgage but wife wanted to build in the country.
Only reason I agreed was some of the neighbors were making life miserable.
I was dreading the house building experience but it wasn’t nearly as bad as I anticipated.
It’s much better not having close neighbors or a HOA.
Thanks. The cost of the land is about what my investment growth has been over the last 1.5 years, so I'm trying to convince myself to take some profits and actually put them to use.
quote:
he only value of money is to make your life easier,more pleasant.
I'm also thinking about this. About to pass 40 years working and saving and feel like this expense might be justified for the life I have remaining.
0
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
Posted on 5/28/24 at 4:29 pm to Mushroom1968
5/28/24 update with new question
Forget 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 for 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.
Forget 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 for 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 5:49 pm
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