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Old 06-06-2011, 04:46 PM
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buzzy buzzy is offline
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Originally Posted by kofficer View Post
Has anyone done this? and if so, did you just ask for a check from your retirement fund, or did you do it differently from that? I am 65, and we will probably be using this money next year, when I am 66.

In January I did that at age 66. I had retired from a (third party) pension management company, and had both a 401(k) and a rollover IRA at the company. I took the money from the 401(k) because it had a bigger balance. That was unfortunate, because the minimum Fed withholding tax on a 401(k) was 20%. That is, I needed to withdraw roughly 20% more than the down payment to cover the tax burden. Not that a withdrawal from an IRA has no tax consequences, but I could have had as little as 10% withholding taken out.

Well, the deal is done, and I'll find out at tax time if 20% was too much or just right.
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