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I put this post in the wrong forum. I'm new.....
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Hey all, Noob here. Here's my situation:
230K in Self directed IRA. 110K in the bank. 96K in gross equity in the house. Early out pension at 55 = $1100/mo. SS at 62 = 1200/mo.
I'm 49. The goal is to retire somewhere after the middle of this year with about 2500/mo income and living in a small home newly built in my home town.
Time line: April. go to home town and purchase property with 35K of the 110k. Pick the modular home and garage disign.
May, june and july: Contractor completes site improvements. I spend another 30k of the 110k. I start a 72(t) distribution of my IRA(i'll be 50) and I take a 50K HELOC on the remaining equity of the house. I purchase the house, spending the rest of the 110k and after moving expenses etc. have 10k left from the HELOC.
Aug. sell the house i'm in now and pay off the HELOC. leaving me about 38k left from the sale.
Using the SEPP payments from the IRA and supplementing as needed from the 38K I make it till I'm 55 and can begin my pension payments.
the combination of sepp and pension gets me to 62 when I can add SS.
Question: Think It'll work? If I begin sepp 72(t) from IRA and sometime in the next 9 1/2 years the value inside the SDIRA substansially increases(this is a real possibility) can the sepp payments be re-evaluated, thereby increasing my monthly distributions?
Thanks for having me. I look forward to your responses.
TC
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