cover of episode Ask HTM - IRA Raiding for a Down Payment, Study Abroad: PAID, & Maintaining an 826 Credit Score #904

Ask HTM - IRA Raiding for a Down Payment, Study Abroad: PAID, & Maintaining an 826 Credit Score #904

2024/11/11
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How to Money
AI Deep Dive AI Chapters Transcript
People
J
Joe
面临上水汽车贷款，寻求多种解决方案以减轻财务负担。
L
Linda
M
Megan
M
Met
R
Rebecca
Topics
Met: 提前动用退休账户资金用于购房首付并非明智之举，即使在非理想情况下，也不建议这样做，因为这会影响资金的复利增长，并可能导致未来退休金不足。虽然允许提前动用IRA账户部分资金用于购房首付，但这会中断资金的复利增长，并可能导致未来退休金出现较大缺口。如果无法在不动用退休金的情况下凑够首付，建议继续储蓄，延后购房时间。如果购房是为了出租或进行房屋改造，则动用其他投资账户资金进行购房是合理的。如果退休账户资金充裕，则动用少量资金用于购房首付是可接受的。 Joe: 提前动用IRA账户资金用于购房首付并非明智之举，应优先考虑让资金继续增长。提前动用传统IRA账户资金购房，需要缴纳税款和罚款，实际可用资金会减少。虽然允许提前动用IRA资金购房，但不建议大多数人这样做。提前动用IRA资金会影响长期复利增长，即使是少量资金，也会在未来产生巨大差异。购房并非积累财富的必要条件，建议不要为了购房而牺牲其他长期财务目标。如果不需要申请贷款或进行大额消费，则可以注销信用卡，但应逐步进行，避免对信用评分造成太大影响。

Deep Dive

Chapters
The hosts discuss the implications of using retirement funds for a down payment on a home, emphasizing the potential long-term financial impact and suggesting alternative strategies.
  • Tapping retirement accounts can lead to a six-figure shortfall in retirement.
  • Consider alternative ways to save for a down payment, such as downsizing or renting longer.
  • House hacking can be a reasonable exception if it significantly lowers housing costs.

Shownotes Transcript

Let’s dive into the week with some fresh listener questions we have lined up for you! And don't just stand on the sidelines- if you have a question you’d like us to answer, toss your voice memo our way. It only takes about 90 seconds to record and you can find a step by step guide over at HowToMoney.com/ask) . Regardless of how random or bizarre you might think it is, we want to hear it!

 

1 - We want to tap our retirement accounts early to be able to fund a bigger down payment, is that ok?

2 - Taking Social Security… what strategy should I employ?

3 - How should my daughter consider paying for a study abroad program?

4 - Is it frugal or cheap to skip the purchase in a used bookstore and add it to my audiobook queue instead?

5 - What about canceling old credit cards while I have an 826 credit score?

 

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