Reported 2 days ago
An 81-year-old individual with a $118,300 mortgage and a $110,000 IRA is contemplating whether to withdraw from the IRA to pay off the mortgage. The decision hinges on personal financial goals, cash flow implications, and potential taxes on the IRA withdrawal. Factors to consider include the immediate budget impact, the ability to sustain living expenses without the IRA, and whether paying off the mortgage aligns with their financial strategy. Consulting with a financial advisor for personalized guidance is recommended.
Source: YAHOO