I currently live in Chicago and am earing 330k per year. I am taking a job that will get my wife and me back to Florida. The new job pays 200K which puts me in a lower tax bracket. I'm over 591/2. I will be withdrawing 150k from either tradional IRA or 401k as a downpayment on a new home in Florida. The questions are: If I'm using the funds for a primary residence in Florida, do I need to actually move there first to make the withdraw? We are renting in Illinois and don't own any other property. And do I wait until my new salary starts since it's much lower.. to make the withdraw? What is the best way to accomplish this paying the least amount of taxes???
I encourage you to contact our team of Financial Advisors here at USAA who can give you advice based on your specific situation and needs. They can be reached at 800-771-9960! Thank you for posting and best of luck with your move back to Florida!