Paying off mortgage
Good morning, I have a question regarding my IRA, I owe about 70.000.00 mortgage
Should I take the money out and pay it off and how much do I withhold in taxes.
Thank you
Terry Says
What is the rate on your mortgage?? What is your age? How much other debt do you have? What else do you have in savings??
Typically it is not smart to withdraw your retirement funds to pay down a low, fixed-rate mortgage. Taht would mean paying taxes on the withdrawal, and losing all future tax-deferred growth of your IRA.
