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Should I cash in my IRA? |
I have about $70,000 in my IRA which I took out of stocks right before they started going down. We also have some gold coins that we can sell. We owe my husband's brother $15,000, and a credit card with 10% interest, about 10,000. We also have otehr expenses coming up such as our property taxes and the kids classes, etc. My husband is working extra all the time, and I am just setting up my business in a new area (so my income is just paying for my office rent). Should we sell some of the gold or should we cash in my IRA which has made over $26,000 just in the past 4 years (lots of international stocks)? My husband has a great job with great pension and retirement and we have a few rental properties that pay for themselves. We have other investments for our kids but we are short of cash right now and under a lot of pressure. Any advice? Thank you guys. This shows me that I should never listen to my husband who is asking me to sell my IRA. It also shows that we are in this situation because of his mismanagement of our finances. cash IRA? ABSOLUTELY NO. If you want to depend on Social Security to sustain your life throughout your retirement years; by all means cash out your IRA robert w is overly optimistic about cashing out the IRA. 40% is closer to the minimum you will lose in taxes. Sell EVERYTHING else before you liquidate the IRA. That includes BOTH cars AND the house. Do not consider cashing out your IRA until you have exhausted all other avenues of raising funds. If you are under 59-1/2, you will pay regular income tax plus a 10% gross penalty on the withdrawal, which could easily reduce your net by 30-40% of the withdrawal amount. Gold is trading at an historic high range, but is showing weakness at the top--this would probably be a good time to sell the coins. The family loan usually carries little pressure for repayment, and 10% credit card interest is not that bad as long as you make the required payments. You might consider refinancing the rental properties to produce some cash to take care of short-term debt. Leave the IRA money alone, though. No. Do not touch the IR |
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