Have $148,000 remaining on 5.625% mortgage. P&I is $900 monthly.If I pay it off from my IRA there will be a huge tax liability.
Thinking of buying an immediate annuity in my IRA ( no tax on the lump sum "withdrawal", right?) for 140,000 which will pay $750 monthly. Will help with the mortgage and avoid the taxes on the lump sum purchase price.
Am I thinking clearly here?
Thinking of buying an immediate annuity in my IRA ( no tax on the lump sum "withdrawal", right?) for 140,000 which will pay $750 monthly. Will help with the mortgage and avoid the taxes on the lump sum purchase price.
Am I thinking clearly here?