The Best Way to Pay Off Your Mortgage Using Retirement Money

The Best Way to Pay Off Your Mortgage Using Retirement Money. How to Use Your 401k to Buy a House!

The Best Way to Pay Off Your Mortgage Using Retirement Money video duration 1 Minute(s) 42 Second(s), published by Brian Fricke on 11 07 2017 - 03:07:18.

http://IncredibleRetirement.com 800-393-1017 While we think it's a great idea to have your home paid off at or before retirement, what if all your money is Thanks to the death of private pensions, the devaluation of Social Security benefits and other undeniable retirement factors such as inflation and increased taxes .

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However, I do disagree with this one video about whether one should pay off a mortgage vs Have you ever wondered if you can use your 401k to help you buy a house- Yep, it turns out you can and you'll learn how to use your 401k to buy a house in this .

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While we think it's a great idea to have your home paid off at or before retirement, what if all your money is wrapped up in retirement accounts, like 401(k)s and IRAs?

What is the best way to pull money out of those accounts to pay your mortgage off?

Probably the worst thing you can do is pay your mortgage off all at once, which would result in a large withdrawal from your retirement money. Probably pushing you into a much higher tax bracket.

A better approach would be to pay the mortgage off in big chunks, taking the maximum amount out of your retirement money each year while still staying inside your current tax bracket.

In a lot of situations we come across, two big withdrawals still staying inside the same tax bracket gets the mortgage paid off. Take a big chunk out at the end of the current tax year and another big chunk out at the beginning of the following tax year.

By being smart about when you time these withdrawals, you keep your taxes as low as possible.

One of the secrets to experiencing your version of an incredible retirement, doing what you want, when you want, is owning your home free and clear at or even before retirement.

If you're using retirement money to pay the mortgage off, just be sure you're being smart about the amount and timing of the withdrawals so you don't over pay on your taxes.