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That money will be taxed. If you have 75K left on your mortgage you will need to pull 100k to cover taxes to pay it off. I would pull it out, and pay off the mortgage in smaller chunks. Home equity is static money and does not earn income. The 401K can grow in value over time at a greater rate than the amortized interest you pay. At the age of 60, I would pull 10% of the 401K's value per year until the age of 70.
currently 40,000 might be the interesting number to keep your "income" below. Just a note. I'm not sure there is a tax at all, if your income is below that, especially for both of them. So, withdraw at december, and january,, sounds like great advice to me.
I like the idea of diverting excess retirement contributions to pay off the mortgage now, before retirement.
I guess the surprise is that someone with a 240k income only has 850k saved AND plans to retire early…
Why not pay off the balance in 5 years with his 240k income? SMH – come on dude.
Never pay off your mortgage using your 401(k). Protect your capital at all costs. It will generate much more income in the future.
Why pay off the mortgage, especially if the loan interest rate is below the average return on your investments?
Unless I’m mistaken needs to be 59 1/2 or have a 10 % penalty. Better plan is as you said, get the 401K match and additional to house.
Get’em Pablo
Congrats on 60K subs.
Was waiting for the surprise at the end. I thought Pablo was going to attack Finni.
Adorable
Make sure your 401k plan allows withdrawals at age 55. Mine doesn’t.