Quote:
Originally Posted by pbkmaine
There is one thing people don't think about when they decide to have a mortgage in retirement. If you are taking money out of retirement accounts to pay the mortgage, the money that comes out is taxed at ordinary income rates. You may be increasing your tax bill and putting yourself into a higher tax bracket. That should be factored into your decision.
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i am trying to figure out what is your meaning....the money coming from retirement account i don't think
has to have a specific designation..or am I wrong.....I realize its ordinary income, but my income is a lot less then when I was working.....so is my tax bracket.....so what did I miss....
I always love to hear ways to
protect my money that I may have missed...
a mortgage gives you a little tax deduction because of the interest you pay on the loan, my kids can more than likely sell the house for more than I paid...so no problem there.... and I believe a mortgage frees up
funds for fun....my opinion anyway....