I only have $78,000. in IRA. Home equity ranges from $120-130,000. in order to replace unsafe 2003 Toyota Sienna, I am considering taking $2-3,000. from IRA. What are choices and consequences? Thank you, Nancy Ingle
Thanks so much for reaching out with a great question on tapping into your IRA. First off, let me congratulate you on what appears to be a good job of getting to where you are. From your online moniker, I’ll assume that you have, or are currently working as a nurse, and that you are around 66 years of age. Although you say you “only” have $78,000 in your IRA, that’s still a lot of money. Also, you have some good equity in your home, so way to go. I like that you seem to be thrifty by driving a 15-year old car. Mine is 25 years old, so I’m really a cheapskate. Anyway, it sounds like you have been doing a lot of things right, financially. So, based on what I know, here are a few resources available to you to get a replacement for the poor old Sienna:
See how much money you can afford to withdraw to make your retirement savings last by using the free USAA Retirement Planning Calculator.
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