'I am still working but at a job that pays me far less than I used to make, so being able to afford the repairs would require the withdrawal.'
I am single and own a home on which I have deferred repairs, such as a new roof and an upgraded electrical system. The house was built in 1925, and the prior homeowner remodeled but did not bother with the electrical upgrade.
With all the work I need to have done on the house, I am assuming I may have to put upwards of $100,000 into my home. The house is worth $700,000 in the current market. Do I have any choice?‘The Big Move’ is a MarketWatch column looking at the ins and outs of real estate, from navigating the search for a new home to applying for a mortgage.
I must caution you, though, against treating your retirement savings as a rainy-day fund. Yes, you need to patch the holes in your roof to have shelter against the literal rainy days. But you also need financial protection for the figurative rainy days in the future. “If you bump yourself up from a 12% tax rate to a 22% tax rate, you’re in essence paying the government a 10% premium to access your money,” said Brian Schmehil, director of wealth management at The Mather Group, an independent wealth management firm in Chicago. “You will also lose out on future tax-deferred growth of those funds.”
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