Velvet
by Big Bore. 05/01/24 11:16 PM
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401k dilemma
#2810314
05/18/19 08:57 PM
05/18/19 08:57 PM
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Joined: Dec 2005
Posts: 1,984
NW Florida
fireman176
OP
8 point
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OP
8 point
Joined: Dec 2005
Posts: 1,984
NW Florida
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I sold my house, took profits and paid off a waterfront lot on the bay. Question for you Aldeer experts. Would I be better off using my 401k $$$ to build my new house, which will cost every bit of my 401k? Should I pull out about $15,000 a year to help make those house payments? My monthly pension will make the payments, but not leave enough to have extras like vacations, new vehicles etc... If I finance $350,000 for 30 years, I would be paying over a million total, but paying it off seems financially smarter. What say you?
Is it Hunting Season Yet?
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Re: 401k dilemma
[Re: fireman176]
#2810324
05/18/19 09:03 PM
05/18/19 09:03 PM
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Joined: Dec 2001
Posts: 13,910
AL
hunterbuck
Booner
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Booner
Joined: Dec 2001
Posts: 13,910
AL
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I think you need to figure out if you can really afford this house.
That's my opinion.
"You think I care? Roll Damn Tide"
Have you tried Google?
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Re: 401k dilemma
[Re: fireman176]
#2810332
05/18/19 09:10 PM
05/18/19 09:10 PM
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Joined: Jan 2002
Posts: 10,484
Bham
Dallas County
Booner
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Booner
Joined: Jan 2002
Posts: 10,484
Bham
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If you are financing $350K for 30 years and paying $1M total, you are paying almost 9% interest! I’ll loan you the $350K for half that.
not sure what the best way to handle them is but they shouldnt be on tv and gettn married and raisin kids
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Re: 401k dilemma
[Re: fireman176]
#2810336
05/18/19 09:13 PM
05/18/19 09:13 PM
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Joined: Feb 2002
Posts: 44,211
North Alabama
Wiley Coyote
Freak of Nature
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Freak of Nature
Joined: Feb 2002
Posts: 44,211
North Alabama
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How old are you? Age makes a difference in withdrawing from a 401 unless you're paying it back.
I firmly believe that a double gallows should be constructed on the East Lawn of The White House. Politicians who willfully and shamelessly violate their oath to uphold and defend the Constitution of the United States of America should be swiftly tried and, upon conviction, publicly hanged at sunup the day after conviction. If multiple convicts are to be hanged they can choose with whom to share the gallows or names shall be drawn from the hangman's hat to be hanged 2 at a time.
NRA Life Member
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Re: 401k dilemma
[Re: Dallas County]
#2810340
05/18/19 09:15 PM
05/18/19 09:15 PM
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Joined: Dec 2005
Posts: 1,984
NW Florida
fireman176
OP
8 point
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OP
8 point
Joined: Dec 2005
Posts: 1,984
NW Florida
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If you are financing $350K for 30 years and paying $1M total, you are paying almost 9% interest! I’ll loan you the $350K for half that. You are correct, I was taking a SWAG.
Is it Hunting Season Yet?
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Re: 401k dilemma
[Re: crenshawco]
#2810347
05/18/19 09:20 PM
05/18/19 09:20 PM
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Joined: Dec 2005
Posts: 1,984
NW Florida
fireman176
OP
8 point
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OP
8 point
Joined: Dec 2005
Posts: 1,984
NW Florida
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No, you're going to get hammered by taxes Not doing it until I retire at 60
Is it Hunting Season Yet?
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Re: 401k dilemma
[Re: fireman176]
#2810349
05/18/19 09:21 PM
05/18/19 09:21 PM
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Joined: Dec 2001
Posts: 13,910
AL
hunterbuck
Booner
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Booner
Joined: Dec 2001
Posts: 13,910
AL
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No, you're going to get hammered by taxes Not doing it until I retire at 60 A 30 year mortgage at 60? Will banks even do that?
"You think I care? Roll Damn Tide"
Have you tried Google?
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Re: 401k dilemma
[Re: fireman176]
#2810356
05/18/19 09:27 PM
05/18/19 09:27 PM
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Joined: Jan 2014
Posts: 10,416
Scottsboro, Al
jbatey1
Lucky Bastage
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Lucky Bastage
Joined: Jan 2014
Posts: 10,416
Scottsboro, Al
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Ideally your house would be payed off by retirement and you can use your retirement and pension for good living. Cashing out a retirement to buy a house that you may or may not be able to actually afford for when you are retired doesn’t seem like a good idea to me.
The fool tells me his reasons; the wise man persuades me with my own.
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Re: 401k dilemma
[Re: fireman176]
#2810360
05/18/19 09:30 PM
05/18/19 09:30 PM
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Joined: Dec 2005
Posts: 1,984
NW Florida
fireman176
OP
8 point
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OP
8 point
Joined: Dec 2005
Posts: 1,984
NW Florida
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I have a monthly pension that is good, without touching 401k, but not having a mortgage is ideal.
Is it Hunting Season Yet?
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Re: 401k dilemma
[Re: fireman176]
#2810362
05/18/19 09:31 PM
05/18/19 09:31 PM
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Joined: Dec 2005
Posts: 1,984
NW Florida
fireman176
OP
8 point
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OP
8 point
Joined: Dec 2005
Posts: 1,984
NW Florida
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I think I need to talk to a CFP and see what would be best.
Is it Hunting Season Yet?
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Re: 401k dilemma
[Re: fireman176]
#2810365
05/18/19 09:32 PM
05/18/19 09:32 PM
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Joined: Jan 2014
Posts: 10,416
Scottsboro, Al
jbatey1
Lucky Bastage
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Lucky Bastage
Joined: Jan 2014
Posts: 10,416
Scottsboro, Al
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I guess depending on how good the pension is- if it will allow you to live the retired life that you want, while still having extra money after having the house paid for by the 401k, go for it.
The fool tells me his reasons; the wise man persuades me with my own.
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Re: 401k dilemma
[Re: fireman176]
#2810375
05/18/19 09:44 PM
05/18/19 09:44 PM
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Joined: Feb 2017
Posts: 1,542
FL-AL
Scout308
8 point
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8 point
Joined: Feb 2017
Posts: 1,542
FL-AL
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Are you in the FRS or a City pension?
"America First! Nothing Else Matters"
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Re: 401k dilemma
[Re: fireman176]
#2810377
05/18/19 09:46 PM
05/18/19 09:46 PM
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Joined: Mar 2018
Posts: 16,834
Banana Republic
jb20
Old Mossy Horns
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Old Mossy Horns
Joined: Mar 2018
Posts: 16,834
Banana Republic
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I think I need to talk to a CFP and see what would be best.  and an accountant
Last edited by jb20; 05/18/19 09:46 PM.
They who can give up essential liberty to obtain a little temporary safety, deserve neither liberty nor safety.
Ben Franklin
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Re: 401k dilemma
[Re: ronfromramer]
#2810388
05/18/19 09:53 PM
05/18/19 09:53 PM
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Joined: Feb 2002
Posts: 44,211
North Alabama
Wiley Coyote
Freak of Nature
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Freak of Nature
Joined: Feb 2002
Posts: 44,211
North Alabama
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Unless it's changed, if you are 55 or older you can withdraw from a retirement plan without penalty but you'll have to pay income tax at a much higher bracket. In a straight up withdrawal (no repayment to be done) 20% is taken immediately, and paid to the IRS, from whatever amount of the 401 is withdrawn.
I firmly believe that a double gallows should be constructed on the East Lawn of The White House. Politicians who willfully and shamelessly violate their oath to uphold and defend the Constitution of the United States of America should be swiftly tried and, upon conviction, publicly hanged at sunup the day after conviction. If multiple convicts are to be hanged they can choose with whom to share the gallows or names shall be drawn from the hangman's hat to be hanged 2 at a time.
NRA Life Member
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