Pull Money From My IRA To Pay Off My House?

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Title	:	Pull Money From My IRA To Pay Off My House?
Lasting	:	4.36
Date of publication	:
Views	:	33 rb

The only cost is the 10 penalty He will have to pay the taxes either way at some point (maybe at a smaller rate though)
Comment from : Matt Laeff

Wow the fact the he was even seriously considering this option blows my mind Especially if he bought this house or refinanced back when interest rates were in the 2-3 range
Comment from : critterdude311

I didn't invest anything in 401ks or IRAs I made a fast fortune I went into Art dealing with Hunter Biden We sell $ 500,000 original Hunter Biden Art pieces to anonymous buyers We have made a fortune by giving buyers access to " The Big Guy"
Comment from : Paul brungardt

I just inherited an IRA and I don't think I'll ever live long enough to see retirement I honestly just wanna pay what's left on our house maybe rent it out I wish I wouldn't have to take a huge hit pulling it out
Comment from : ProdigalReturn

The caller is an idiot and he probably won’t listen to the advice I hope he loses everythjng to learn an important lesson
Comment from : New York City

PENALTIES! No
Comment from : Carolyn Stewart

Don't do itnever pull from a retirement fund - you're going to get HIT WITH TAXES and PENALTIES
Comment from : dancalm peaceful

He'd lose $15k of growth every year by pulling 250k from his 401k Don't do it!
Comment from : Eric Skinner

When I left my job I cashed out my 401k and payed off our house in full With the interest saved over the course of a 30-year loan, only made sense at the time I was lucky enough to find a career that offers a pension, and my wife's 401k we feel confident about our retirement Fast forward 5 years, we now rent out the house we paid off which generates $3000 a month in rent, and including our combined monthly income of $7,500 were actually doing better We're using the income from the rental to put towards the principal of our current mortgage, but I would say cashing out my 401k was the best decision I made 🤷‍♂️
Comment from : Damon Underwood

This is why I don’t invest in a Roth ira but instead I do a taxable account I can pull money whenever I want and it’s simple
Comment from : SavageInvestor

Knoxville, TN is the home of the University of TNbrI assume the caller is not a graduate of the school's College of Finance
Comment from : Steel Castle

Just pay extra on the principal Withdrawal from your retirement is effectively shooting yourself in the 🥜
Comment from : SCarGO!

One of the dumbest questions I have ever heard
Comment from : CB

You’re making much more in IRA than it costs for your mortgage Don’t make quick poor decisions
Comment from : Philip Gerry

What if it was from a Roth?
Comment from : michael carter

Sell the house
Comment from : ahdfakjh ajfdandkj

forex controls a huge part of my passive income I invest big and my profits are even bigger, courtesy of my broker Mrs Megan Tracey
Comment from : Ronald Hernandez

0:44 That look on Dave's face of "no your situation isn't going to be different" 😂
Comment from : Brian Bagenstose

I have 60,000 in a 529 account My daughter chose not to go to college Question??? Should I pull it and pay the 10 penalty and pay taxes on the earnings to pay off my Boat Or should I let it stay in the market??? I owe like 52,000 at 549 intrest Surely this is more than the 10 penalty and taxes on the earnings in the long run
Comment from : John Jobson

Add to his bad decision the record low mortgage rates We are paying off our mortgage soon, and I feel almost sad to let go of that low rate
Comment from : Will Elliott

Dave always exaggerates this It’s really only the 10 penalty he’ll lose Caller will have the 25 taxes (depending on his retirement rate) taken out when he withdraws his money eventually anyway, so he’ll lose that money eventually
Comment from : Ross Pimental

Ww3 is gonna start in December Just take all the money out and enjoy our last month's Alive
Comment from : Music Pro

I don't know why this is in the Millionaires area This guy may not get there
Comment from : ElainesDomain

Stop contributing as much to your IRA and use the excess to pay off the house faster
Comment from : Jesse M

So I have an important question regarding an 401K to IRA rollover situation I plan on retiring when I'm 55 with an estimated 23 million just in my 401K pending the market holds up Now not waiting until 60 would cost me about another 12 million so I'd much like to retire on 36 million instead The only problem is I want to retire at 55 and be done working My question is if I rollover my 401k to a Roth IRA or another IRA option, will I still hit that goal even without my company 5 into my 401k? In those 5 years that is?
Comment from : tr3slech3s

Pulling from a retirement fund is just about the worst thing someone can do financially Penalties, compound interest loss…etc just terrible!!!
Comment from : Frank S

people should stop socking away all that money into their RETIREMENT accts and instead use the money for life things
Comment from : Mz Tweety

Caller: my situation is a little bit different [Proceeds to describe EXACTLY the situation Dave's advice is for]
Comment from : Jimmy

Might as well 👍🏻
Comment from : Knowledge For Longevity

This guy is bringing in about $7500 a month after taxes, 401K, and even the worst healthcare costs imaginable $1600 a month is not a huge burden He could pay off his house in a few years making that kind of money If he's on BS6, he should just throw $5000 at the mortgage every month if he's that keen on getting out of debt
Comment from : ganthc

This guy called in expecting to get praised by Dave for paying off debt but with a really stupid idea Mortgage your future retirement to pay off lower interest mortgage debt LOL!
Comment from : Kyle Hackett

Why do people call in with this dumb question all the time?
Comment from : Todd

Can't eat the house This guy understands nothing about interest and sunk in costs He makes $150k wow who employs him for that much
Comment from : K Roddy

Guy already is convinced to pay $80k to pay $253k @35 interest he has about 17yrs off Paying $100 extra per month would already be 76k in interestbrIf he paid an extra $1600 a month He’d only be paying $34,500 in interest and have it paid off in 95yrs brWith $150k income that’s very possible
Comment from : Paul