kyounge1956
Thinks s/he gets paid by the post
- Joined
- Sep 11, 2008
- Messages
- 2,171
In view of recent medical news, I've pretty much decided to have most of the repairs & updates I had in mind for my house done immediately rather than waiting. FireCalc says I've got enough money to last 30 years or more even if I take out a large sum to pay for the work. What I'm wondering now is how to get the money out without creating a huge tax hit. Possible sources are:
- remaining cash left from sale of former residence
- withdrawal of contributions from Roth IRA (I'm uncertain exactly how much I can withdraw--how do I find this out?)
- use "12 months same as cash" option, available through house painting service
- use "no interest for 12 months" credit card I opened to pay for some of the work
- withdrawals from tax-deferred 457b retirement account--before I retired I verified with on-site rep that once I'm off the payroll there is no penalty for withdrawing this money even though I am not yet 59-1/2.