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HokieForever

Joined: 10/06/1998 Posts: 17376
Likes: 6550

What's this?

Wrong way to look at it imo


it is really about how much can that money grow over time vs the mortgage interest you are going to pay PLUS the increase in taxes by taking lump sum vs taking it out over time.

Will tell you what I tell my wife, you are in a really good place, let's say something bad happens, job loss, etc. You now have the funds available to you instead of being tied up in your house.

Try to think of all the scenarios where you need that liquidity as well as all tax scenarios instead of just thinking of "debt free".

HokieForever

(In response to this post by JoesterVT)

Posted: 12/29/2021 at 2:23PM


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Current Thread:
 
  What do youze guys know about inherited IRAs? -- JoesterVT 12/29/2021 12:28PM
  Google must be listening. I just got an email from TD Ameritrade... -- Spud 12/30/2021 10:02AM
  I've been receiving inherited IRA payouts for many years. -- Full-Set and Moonshine 12/29/2021 6:56PM
  Yes, tax laws changed. It is 10 years to take out if not a married spouse -- VaTechie 12/29/2021 10:09PM
  To take all of it ? ** -- Full-Set and Moonshine 12/29/2021 10:50PM
  Yes, 10 years to take all of it out -- VaTechie 12/29/2021 10:55PM
  Good to know ** -- Full-Set and Moonshine 12/29/2021 11:06PM
  Do you trust your wife? ** -- HokieDan95 12/29/2021 5:29PM
  Can you wirhdraw the IRA over 10 years and pay off the mortgage -- Baltimore Hokie 12/29/2021 1:47PM
  Certainly...and I only have about 5 years left on the mortgage anyway -- JoesterVT 12/29/2021 1:53PM
  Would say do calculations -- HokieForever 12/29/2021 2:03PM
  Will add instead of making an extra payment each year -- HokieForever 12/29/2021 2:08PM
  Oh- shun ** -- bigbadbird 12/29/2021 1:27PM
  Inside -- FfxStationHokie 12/29/2021 1:30PM
  I think you can take it out over a number of years- which could defer taxes -- bigbadbird 12/29/2021 1:11PM
  First qs pp1 are right. The other is whatever works. Rest assured at some -- ColoVT82 12/29/2021 12:55PM
  My wife got an inherited IRA too (inside) -- FfxStationHokie 12/29/2021 12:47PM
  Your basic understanding is pretty much correct -- Hokerer 12/29/2021 12:41PM
  Would also add using some back of the napkin math -- HokieForever 12/29/2021 2:02PM
  Also how much home interest from a payoff is saved vs taxes paid ** -- coshokie 12/29/2021 1:31PM
  I get that, but my thought is this... -- JoesterVT 12/29/2021 1:39PM
  Yet you have this IRA which IS that investment -- 133743Hokie 12/29/2021 2:08PM
  Agree, that's a great place to be in ** -- coshokie 12/29/2021 1:51PM
  Where can I find info on the tax brackets? ** -- JoesterVT 12/29/2021 12:46PM
  Lots of places, link inside -- Hokerer 12/29/2021 12:52PM
  Thanks! ** -- JoesterVT 12/29/2021 1:09PM
  Nothing. If you need help with IPA's, let me know. ** -- vt90 12/29/2021 12:31PM
  Yeah. Always take an IPA. ** -- HokieR 12/29/2021 1:32PM

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