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075 - What's the Best Way to Fund Large Purchases in Retirement?
Description
In this podcast episode, we have a listener question:
Husband/wife (70/69) both retired intending to down size. Debt free. Retirement assets are 1.7 mil (1.3 mil traditional ira/400 k Roth IRA). Monthly income before taxes (social security and pensions) is $7500. New home cost estimated at $400 k. Existing home to be sold after building new home expected to sell for $150 k. So, how do we pay for new home: cash or finance? If cash: use traditional ira or Roth? If finance: how much? Thanks. Look forward to your reply.
Planning Points Discussed
- Analysis of purchasing new home
- Analysis of selling old home
- Tax analysis
- Explore multiple options
- Other issues (i.e. risk tolerance, RMD, IRMAA, other goals)
LET'S CONNECT!
James
Scott
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