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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
Replying To:
Hi Nancy,
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.
USAA does not provide legal, accounting or tax advice. To find out how your decisions may affect your tax obligations, we encourage you to consult your own tax or legal advisor. |