Posts Tagged ‘ira early withdrawal’
Ira Early Withdrawl
November 25th, 2010
Question: ira withdrawl to pay off mortgage or buy house next door?
I’m 36 years old, and I have an IRA with 1.1m in it (self directed). I have a mortgage of 330K.
I’m trying to think of long term planning. My wife and I are both professionals, and still max out retirement (another 100K there).
Are there any tricks out there to pay off my mortgage with my IRA? I really don’t want to pay the penalty, or take equally substantial payments.
Alternatively, could I use the money to buy the house next door to me? I’ve thought of buying it to rehab and use for visiting family.
I know this isn’t what I should do, but I’m trying to make life easier. At some amount in the IRA, it is ok to pay off the mortgage early just for quality of life sake (but still growing assets).
Answer: I would pay off the existing mortgage and then save, save, save.
Tom Barry on the British Occupation of the Six Counties
IRA Early Withdrawal
September 12th, 2005
IRA Early Withdrawal can be done penalty free. Usually when you have an IRA whether it is a traditional IRA, Roth IRA, SEP IRA or SIMPLE IRA, if you take an IRA Early Withdrawal, you will most likely be subject to tax and IRA Early Withdrawal Penalties. Most people know that there are ways to take Ira Early Withdrawl without penalties but they are not sure what the IRA Early Withdrawal rules are exactly. This is the section they find out how IRA Early Withdrawal and 72t Distributions work.
Early Withdrawal Penalties on a Roth IRA will be discussed in the Roth IRA sections. Early Withdrawal Keogh plan will be discussed in the Keogh plan section. 401k Early Withdrawal will also be discussed separately. IRA Early Withdrawal calculators will be dealt with in a subsection of Retirement Calculator.
What is an IRA Early Withdrawal?
An IRA early withdrawal is any distribution from an Individual retirement account before you are age 59� unless your IRA early withdrawal falls under one of the IRA Early Withdrawal Exceptions.
- Ways to Ira Early Withdrawal NO PENALTY
- IRA Early Withdrawal Penalty
Posted in IRA Withdrawals | 
Tags: individual retirement account, ira, ira early withdrawal | 
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