Pull Money From My IRA To Pay Off My House?

Ramsey Everyday Millionaires

Ramsey Network

Careers, Investing, Business

4.6 • 3.6K Ratings

🗓️ 9 March 2022

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Summary

Listen to how ordinary people built extraordinary wealth - and how you can too. You’ll learn how millionaires live on less than they make, avoid debt, invest, are disciplined and responsible! Featuring hosts from the Ramsey Network: Dave Ramsey, Ken Coleman, Rachel Cruze, John Delony, and George Kamel.

Transcript

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0:00.0	You're listening to Ramsey everyday millionaires, where we talk retirement, building wealth,
0:10.5	and outrageous generosity.
0:14.1	Michael is with us, Michael's a Knoxville.
0:16.1	Hey Michael, how are you?
0:17.8	Good, Dave.
0:19.6	How are you?
0:20.6	Better than I deserve, what's up?
0:22.2	Great, well thank you both for taking my call today.
0:25.4	Sure.
0:26.4	I'm hoping to keep it going from the previous debt free screen.
0:32.1	My wife and I are considering paying our mortgage off, but we're thinking about approaching
0:36.1	that from a different direction.
0:38.2	Basically, I would like to take money out of my traditional IRA to do that.
0:43.8	And I know the capital answer to that is no.
0:47.5	But our situation is maybe a little different.
0:53.2	We're not looking up for both about 40 years old.
0:59.0	Our house is worth about $575,000.
1:02.9	We have a $253,000 mortgage on it, and the payment is about $1,600 a month.
1:10.1	Well combined, we have about $575,000 institutional IRAs.
1:18.3	About $420,000 is fine, and about $150,000 is hers.
1:27.1	Okay.
1:29.9	So why would you want to pay 35 or 40% interest on the money to pay off your house?
	...

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