mdebluz
Confused about dryer sheets
Hi everyone! I am new to this world of finance after being married for 16 years relying on my X for socking away cash for our "golden" years. As I am grateful he did I now find myself responsible for taking control of my part of the settlement which is coming any time, now. I will have approximately 400 K transfered into an IRA in the next few weeks.
After lots of pondering, surfing and talking to my own accountant I have come to realize that it is all very confusing and hard to decide who has the answers!
Here is my scenario. I earn 60K a year. I am 54. My goal is to retire at 60. I am buying a property in a resort area that is with an overnight rental agency. My portion of the rental will total somewhere around 13K a year. I am able to secure 100% financing at a low interest rate with a local bank where I live. In a perfect world I would own half a dozen or so by retirement...
Here is what I understand from what I have learned in the last two days---sorry but my lingo will no where measure up to all of you seasoned investors due to the fact that I didn't feel like I needed to understand any of this before--- dumb on my part, I might add
I can open a Self Directed IRA LLC but getting a non recourse loan from my bank will be difficult as they might be concerned about repayment in case of unforeseen financial problems I may have. I also think the tax issues with the rental income being split by what I owe might be confusing, if I decide to put down a substantial down payment with part of the original IRA (of which I will get hammered with the penalty for doing so, of course).
and/or
I can roll some of it into a Roth and use the 72 (t) to get a SEPP large enough to make the payments and not use any of the original IRA to buy it. And, what by the way is the max you can earn and still qualify for a Roth? Is it 105K, and does that include everything?
I would like to send as little as possible to the Feds and the fools that are spending money like water. I feel like if I make my own bad decisions, at least they are mine, not someone else's.
Thanks for your input!
After lots of pondering, surfing and talking to my own accountant I have come to realize that it is all very confusing and hard to decide who has the answers!
Here is my scenario. I earn 60K a year. I am 54. My goal is to retire at 60. I am buying a property in a resort area that is with an overnight rental agency. My portion of the rental will total somewhere around 13K a year. I am able to secure 100% financing at a low interest rate with a local bank where I live. In a perfect world I would own half a dozen or so by retirement...
Here is what I understand from what I have learned in the last two days---sorry but my lingo will no where measure up to all of you seasoned investors due to the fact that I didn't feel like I needed to understand any of this before--- dumb on my part, I might add
I can open a Self Directed IRA LLC but getting a non recourse loan from my bank will be difficult as they might be concerned about repayment in case of unforeseen financial problems I may have. I also think the tax issues with the rental income being split by what I owe might be confusing, if I decide to put down a substantial down payment with part of the original IRA (of which I will get hammered with the penalty for doing so, of course).
and/or
I can roll some of it into a Roth and use the 72 (t) to get a SEPP large enough to make the payments and not use any of the original IRA to buy it. And, what by the way is the max you can earn and still qualify for a Roth? Is it 105K, and does that include everything?
I would like to send as little as possible to the Feds and the fools that are spending money like water. I feel like if I make my own bad decisions, at least they are mine, not someone else's.
Thanks for your input!