How to Catch Up for Retirement When You're Older

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.7 • 3.1K Ratings

🗓️ 24 July 2024

⏱️ 25 minutes

🔗️ Recording | iTunes | RSS

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Summary

We got a good question from Humphrey Yang: "H Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	All right.
0:05.0	Intentional Life's question is up next.
0:10.0	It says we're buying a minivan for about 45K, oh yeah, soon.
0:16.4	But we are short on the cash and he says, FOO failure.
0:21.7	Should we finance or should we use an inherited IRA that's about 30K or should we use
0:28.6	HSA receipts which is about 20K and or should we take our Roth IRA contributions which is about a
0:36.3	hundred k. They're in their mid 30s they have 1 million in IRAs and 401k so that's a lot of
0:41.8	information but I think this is an interesting question.
0:44.4	When do you finance a vehicle purchase? Because he does technically have options. They are not all created
0:52.0	equal, which obviously I know you're going to speak to, but what do you think?
0:55.0	I want to make sure that I have the four. We can finance it. We can take out Roth IRA contributions.
1:01.0	And inherited IRA. Oh, Roth IRA contributions.
1:03.3	was the last one.
1:04.3	Or an inherited IRA, which was about 30K.
1:07.4	Or use HSA receipts and cash in on about 20K.
1:11.3	This is, again, this intentional life. This is where personal
1:15.0	finance is so personal because you have a lot of options here and it's very
1:19.7	very difficult to tell you which one is going to make the most sense because you said you have
1:24.3	a million dollars in IRAs across the Roth and regular, right?
1:28.6	Did say how old they are?
1:31.0	A mid-30s.
1:32.0	Mid-30s. Mid 30s.
	...

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